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Someone looking at the behaviour of the foreign exchange market for the first time might notice patterns. Surges of activity in the run-up to 4pm London time each day; large blocks of FX swaps sweeping through the market like migrating wildebeest as the end of each month approaches. Beneath that, the observer might see other patterns in the microstructure of the market, as prices and orders chase each other back and forth.
A trader could explain the hidden forces that create these patterns –
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