FOREX TRADERS

[Capitalist]

Yep, this was on the front page of the WSJ this morning as well.

Interestingly, this Reuters article twice uses the phrase "trying to manipulate foreign exchange rates," which makes me wonder how much success they actually had in moving the rates.

I mean, even the biggest banks have masters; they've gotta meet the supply and demand needs of their clients, who are exchanging currencies in order to facilitate massive international trade flows. If everyone suddenly loves Japanese cars, the yen's going up, no matter how much the banks try to manipulate things. Even the Titanic couldn't change the tides.

If they DID manage to move rates around, I hope a few of these fired traders end up writing books or something. I'd love to know the specific dynamics and history of what they were doing, and what it looked like on the charts at the time.

Anyway, that's my two pips. Thanks for the link!