云图tv所有历史版本:请帮我翻译一下

Besides earning profits form a currency’s bid/offer spread, foreign-exchange dealers attempt to profit by anticipating correctly the future direction of currency movements. Suppose a Citibank dealer expects the Japanese yen to appreciate (strengthen) the U.S. dollar. The dealer will likely raise both bid and offer rates, attempting to persuade other dealers to sell yen to Citibank and dissuade other dealers from purchasing yen from Citibank. The bank dealer thus purchases more yen than are sold. If the yen appreciates against the dollar as predicted, the Citibank dealer can sell the yen at a higher rate and earn a profit. Conversely, should the Citibank dealer anticipate that the yen is about to depreciate (weaken) against the dollar, the dealer will lower the bid and offer rates. Such action encourages sales and discourages purchases; the dealer thus sells more yen than are bought. If the yen depreciates as expected, the dealer can purchase yen back at a lower price to make a profit.
4、If exchange rates move in the desired direction ,foreign-exchange traders earn profits. However, losers accrue if exchange rates move in the opposite, unexpected direction. To limit possible losses on exchange market transactions, banks impose financial restrictions on their dealer’s trading volume. Dealers are subject to position limits than stipulate the amount of buying and selling that can be conducted in a given currency. Although banks maintain formal restrictions, they have sometimes absorbed substantial losses form unauthorized trading activity beyond position limits. Because foreign-exchange departments are considered by bank management to be profit centers, dealers feel pressure to generate an acceptable rate of return on the bank’s funds invested in this operation.
5、Surrounded by flashing currency prices, ringing phones, and screaming traders, Fred Scala offers his view of people who use economic analysis to forecast currency rates. ”they might be right,” he says,” but they don’t know how to pull the trigger.” And he knows. At age 27, he is Manufacturers Hanover Trust Co.’s top dealer in British pounds. Yesterday morning alone，he traded about $500 million in pounds, darting in and out of the market 100 times. As the dollar inched up, he bought. As it retreated, he sold. “We’re mercenaries, soldiers of fortune,” he says. “We have no alliances. We work for the bank.”
Currency trader ride high. As politicians dicker about what to do about the dollar, young traders at the world’s top 30 to 50 banks hold day-to-day control of the currency markets