Making Sure You Muse on Forex News

Making Sure You Muse on Forex News

How economic literate are you? Some twenty years back as a bit of pre work ‘fun’, I set a small team of salesmen I was managing a pre work test. As with all our Wednesday sessions there was a prize at stake which always ensured a competitive edge to the quiz. The test had ten questions on the key economic issues of the day. One question that sticks in my mind was “what is the current interest rate?” At the time the rate was an eye watering 13-14% and despite most of us having mortgages only one or two of the eight knew the Bank of England’s base rate. It got worse, the result was that the ‘winner’ took the prize with four correct answers and the questions were not too taxing. Now what surprised me at the time was that both myself and my colleagues were selling multi unit office equipment deals, often with a large ‘ticket’ value, into the City of London. I’d expected (incorrectly) that all of us would be what I’d term “commercially aware”.

As a student of economics I’ve never lost my hunger for financial news, but I didn’t set the test at a high level, it was very basic. When walking into some of the major global financial institutions I believed that you had to have a brief understating of how they ‘worked’ even if only to strike up casual conversation away from the deal you’re there to (hopefully) take care of. For example, if selling equipment into a major bank today you should be able to comfortably hold your own in a discussion on where you believe the economy is headed.

As a consequence of my profession I have to be commercially aware, not just as a specialist forex trader, but also to offer FXCC a range of blog posts, articles and thoughts that will prove to be wide ranging, enjoyable and of worth to our clients. There’s little point in us regurgitating the same news published elsewhere, therefore we attempt to provide something slightly edgier and thought provoking, whilst still ensuring our customers eye is kept on the ball in relation to the key events and issues of the day.

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Source: FX Central Clearing Ltd. (FXCC – BLOG)