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Travelex Group is a foreign exchange company founded by Lloyd Dorfman and headquartered in London. Its main businesses are international payments, bureaux de change , and issuing prepaid credit cards for use by travellers. In it proposed a 'space currency' called the Quasi Universal Intergalactic Denomination , as part of a viral marketing campaign. Travelex was founded by Dorfman, opening its first branch in central London in In early Travelex disclosed significant losses due to the interest payments on its large debts.
It had pulled back from a stock market flotation the year before and said that it was now "considering a range of potential financing structures". By , Travelex had a total workforce in excess of 6, From Wikipedia, the free encyclopedia.
Archived 19 August at the Wayback Machine. Retrieved 7 December Retrieved October 9, Retrieved January 8, While the New York Stock Exchange operates on what can be considered normal business hours, the foreign exchange market continues to churn around the clock.
To accomplish this, the Forex market is open during the normal business hours of four different time zones around the world. Many new Forex traders who are aware of the four time zones involved take global news releases as an excuse to conduct knee-jerk trades. This can quickly deplete reserves if not kept in check, and it can burn out even a veteran trader in no time at all. That said, not all trading hours are created equally. In order to make money in the Forex market the smart investor will create a schedule that capitalises on market overlaps, or the time in which more than one market is actively trading.
With one market open, currency pairs will form tighter bonds and movement is generally limited to a pip spread of maybe When two markets are open at the same time, the same currency pairs may see pips in spread. Global news events are a powerful driver of currency valuation. Prioritise these news releases and pay close attention to global interest rate movements, central bank meetings, GDP data from specific nations, consumer confidence releases, trade deficits, and CPI data. These economic indicators can and do influence the valuation of currencies and should be kept on your schedule.
By doing so, the science behind trading in Forex becomes more visible to the trader.