Substitute the words and word combinations given in bold type by synonyms or synonymous expressions from the active

C. Find words or word combinations in the text that mean the following.

A. Read the text, ignoring the missing parts.

…(1)…, where people buy and sell foreign currency, also referred to as the “Forex” or “FX” market, …(2)…, 30 times larger than the combined volume of all US equity markets.

Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY).

…(3)…. About 5% of daily turnover is from companies and governments that buy or sell products and services in a foreign country or must convert profits made in foreign currencies into their domestic currency. …(4)…, or speculation.

For speculators, the best trading opportunities are with the most commonly traded (and therefore most liquid) currencies, called “the Majors”. …(5)…, which include the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar.

Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. …(6)…, and investors can respond to currency fluctuations caused by economic, social and political events at the time they occur – day or night.

…(7)…, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network.

b. Look at the missing parts A-H and fit them in the gaps. There is one extra you don’t need.

A	The other 95% is trading for profit
B	is the largest financial market in the world
C	It’s a 24-hour market
D	The Foreign Exchange market
E	The FX market is considered an Over The Counter (OTC) or “interbank” market
F	Today, more than 85% of all daily transactions involve trading of the Majors
G	There are two reasons to buy and sell currencies
H	Foreign money held by a government to support its own currency

D

………….	market where people buy and sell foreign currencies
………….	money of another country
………….	number of times something is used or sold in a period (e.g. a day); amount of sales of goods or services by a company
………….	money gained from a sale which is more than the money spent
………….	deal which is it is hoped will produce a profit
………….	someone that has the same job or purpose but in a different country or organisation
………….	another word for stocks and shares
………….	up and down movements of the exchange rate
………….	market in shares which are not listed on the official Stock Exchange, usually carried out by phone or using electronic means
………….	by way of
………….	set of computers which are connected to each other and operate as part of the same system, able to exchange information and messages

A

1. The basic components that describe dealings in the world product and financial markets are exports, imports, the trade balance, and exchange rates.

2. With a minimum of trade restrictions, international trade and investment usually makes everyone more prosperous.

3. Surveyors take into account the lost value, for instance, if the value of the lorry has gone down because it is two years old.

B

Economic activity began with a caveman, who was economically self-sufficient. He did his own hunting, found his own shelter, and made sure that he had the things that he needed. As primitive populations grew and developed, the principle of division of labour evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his excess of production or supply to the fisherman, and thus each profited (benefited) from the variety of diet.

In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world commerce and economic activity. As a result, international finance and banking have evolved. For example, the United States is a major purchaser of coffee, yet it does not have the climate to grow any of his own. Consequently, the United States must bring coffee into a country from countries (such as Brazil, Colombia, and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing an assortment of goods, such as chemicals and aeroplanes, which can be sold to nations that need them. If nations counter traded, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and limited. But instead of barter, which is the trade of goods without an exchange of money, the United States receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can use to obtain in exchange for payment wool from Australia, which in turn can buy textiles from Great Britain, which can then buy tobacco from the United States.

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