Descargo de responsabilidad: Los CFD son instrumentos complejos y conllevan un alto riesgo de perder dinero rápidamente debido al apalancamiento.
Debe considerar si comprende cómo funcionan los CFDs y si puede permitirse el lujo de correr el alto riesgo de perder su dinero.
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Given
In the world of foreign exchange trading, “given” is a term used to indicate that a dealer has accepted a bid price set by a buyer — that is, the dealer has sold at the quoted bid price. It is commonly contrasted with “paid,” which indicates that a buyer has accepted the offer price.
These are concise dealing terms used to communicate that a quoted price has been accepted. They are particularly useful in fast-moving FX markets, where clear and efficient communication is important when agreeing a transaction.
Example: A market maker quotes EUR/USD at 1.0848/1.0850. A bank on the other side of the trade wants to sell euros and states “Given,” indicating acceptance of the 1.0848 bid. The market maker has therefore bought euros at that price, subject to the applicable dealing and confirmation arrangements.
Giving it up
“Giving it up” refers to a market or asset being unable to maintain a particular price level. It loses the level to the downside, usually to a support level, a round number, or another technically significant price that has held for some time. The phrase captures the idea that buyers who had been supporting a level are no longer able to maintain it, and the price moves lower.
A break below an important level may trigger stop-loss orders from traders holding long positions, which can contribute to further downward price movement.
Example: EUR/USD has been testing the 1.0800 level for two weeks. On Tuesday, the pair finally gives up the level following a stronger-than-expected US jobs report and breaks through on increased volume. Some traders with stops below the level may have their positions closed, while other market participants may interpret the breakdown as a potentially bearish signal. The pair subsequently moves towards 1.0750 in this hypothetical example.
Global Dairy Trade Price Index (GDT)
The GDT auction was originally established by Fonterra. Today, it operates as an independent joint venture between Fonterra, the New Zealand Exchange (NZX), and the European Energy Exchange (EEX). It serves as an important global price discovery mechanism for dairy commodities and is closely watched by agricultural traders, food companies, and currency traders focused on the New Zealand dollar.
New Zealand’s economy is heavily dependent on dairy exports, and shifts in GDT prices can affect New Zealand’s export revenues and therefore influence NZD.
Example: A sharp decline in the GDT Price Index following two consecutive weak auction results can put downward pressure on the New Zealand dollar against the US dollar and Australian dollar. Dairy accounts for a meaningful share of New Zealand’s export earnings, and traders who follow the agricultural calendar know to watch GDT auction results as one factor that can influence near-term NZD sentiment.
Global Macroeconomics
Global macroeconomics is the study of how large-scale economic forces – interest rates, inflation, trade flows, currency movements, fiscal policy, and geopolitical events – interact across countries and regions to shape the broader economic environment. In an investment context, global macro is both an analytical framework and a trading strategy.
Macro traders form views on how these forces will evolve and express those views through currencies, bonds, commodities, and equity indices rather than individual stocks. The approach requires understanding how different economies are interconnected and how a policy decision in one country can ripple through asset prices worldwide.
Example: A global macro fund forms a view that the European Central Bank will need to cut rates more aggressively than markets expect due to deteriorating German industrial data and weakening credit growth. It could express that view through European government bonds, the euro against the dollar, and European utility stocks that may benefit from lower rates. Three positions, one thesis – expressed across three different asset classes simultaneously. That’s global macro thinking in practice.
Global Supply Chain Pressure Index (GSCPI)
The Global Supply Chain Pressure Index (GSCPI) is a measure of global supply chain stress, released monthly by the Federal Reserve Bank of New York. It combines statistics on shipping costs, delivery times, order backlogs, and purchasing managers’ surveys across major economies into a single dataset.
If the reading is high, there are lots of bottlenecks. “If the reading is going down, that’s a good sign that things are getting better. It is a vital gauge closely tracked by central banks and inflation forecasters, as it is a direct measure of supply chain stress, which affects goods prices and inflation.
Example: When the GSCPI crested toward the end of 2021, we could see that the inflation rise was not only a demand problem – there was a true supply restriction all around the world. Those following the index could see evidence of persistent supply-side pressures, with significant repercussions for interest rates and bond markets over the next two years.
Globalization
Globalization is the process by which the economies of the world are becoming increasingly integrated through commerce, capital flows, migration, and the spread of technologies across borders. It took off in the 1980s and has kept growing fast since then, thanks to the reduction of trade restrictions and the expansion of global value chains. It gained a lot of momentum after the 1980s, when trade barriers came down, and value chains took on a cross-continental dimension.
Globalization has created significant interdependence: a disturbance in the manufacturing process in one nation may cascade across production processes in another country; a change in the interest rate in Washington might trigger capital outflows from Brazil. There has been some reversal since the commencement of COVID, with geopolitical risk and supply chain instability leading governments and enterprises to consider reshoring or diversifying supply chains.
Example: A corporation is based in California, yet its parts come from across Asia, are manufactured in China, and are sold worldwide. That supply chain is globalization made concrete. The efficiencies of globalization also bring political risk, which is far harder to hedge than currency or commodity risk. The trade tensions between the US and China, and the tariffs that followed, changed the cost structure for many businesses and supply chains, sometimes rapidly.
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