I was curious as to how price is set, so I asked a mentor in one of the courses I've paid for (He takes us through live trades daily. I've learned a great deal about Forex this way...just haven't made any money.) how, and who sets the price I see on the screen for a currency.
His answer was..."the banks."
I then asked, the central banks like BOE, BOJ, etc? He said no, it wasn't the central banks, and he didn't know exactly what banks they were.
So, now I'm interested. Who actually determines the price we see on the screen? What Banks are these? And who in the banks are involved in this...or is it all automated somehow? Do they use supply and demand to set the price...or some other factors. And are there rules and regulations controlling who/how/when the prices are set?
Is there somewhere I can go to understand this process more fully?
His answer was..."the banks."
I then asked, the central banks like BOE, BOJ, etc? He said no, it wasn't the central banks, and he didn't know exactly what banks they were.
So, now I'm interested. Who actually determines the price we see on the screen? What Banks are these? And who in the banks are involved in this...or is it all automated somehow? Do they use supply and demand to set the price...or some other factors. And are there rules and regulations controlling who/how/when the prices are set?
Is there somewhere I can go to understand this process more fully?