Introduction to FX

This course provides an introduction to foreign exchange markets.

It introduces the basic principles for trading exchange rates, the main participants, and the most actively traded currency pairs and it looks at the market convention for quoting exchange rates and how to calculate cross rates.

The course also looks at the key drivers behind the market including the carry trade and explains the implication the interest rate differential between currencies has on calculating forward rates.


This course is for individuals new to financial markets.

Learning Outcomes

At the end of this course delegates should understand:

  • Key characteristics and participants of the FX market
  • Popular FX crosses, floating and pegged currencies
  • The drivers of the FX markets and how to price a carry trade

Course Content

  • Basics of the FX market
  • Market liquidity, size and growth
  • Most active currencies
  • Market participants
  • ISO pairs
  • ISO codes
  • Base and variable
  • The sequence for major pairs
  • FX trading
  • Types of FX deals
  • Bid/offer spread
  • Popular FX crosses
  • Calculating cross rates
  • Floating and pegged currencies
  • FX market drivers
  • Supply and demand
  • Interest rate differentials
  • The carry trade
  • Risk appetite and capital flow
  • Trade imbalance
  • PPP and the Big Mac index
  • Commodity currencies
  • Exercises: Pricing an FX carry trade


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Why study with Alpha?

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We are thought leaders in instructional and learning journey design and holistic solution architects. We have extensive finance and investments experience combined with skills application to deliver performance improving results. We develop immersive learning environments that maximize time to productivity, support talent retention and added value to improving quality of hires.

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We are focused on mining the embedded organisational intellectual capital for the benefit of the next generation. We create and curate best in class practice gathered from our experience with the leading financial institutions. We design our programmes with the end in mind – what results are you trying to achieve with this intervention? What metrics will we set ourselves to achieve that?

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