Disclaimer: CFD’s zijn complexe instrumenten en hebben een hoog risico van snel verliezen van geld als gevolg van hefboomwerking.
U moet overwegen of u begrijpt hoe CFD’s werken en of u het zich kunt veroorloven om het hoge risico te nemen om uw geld te verliezen.
Web Trader MT5
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Honduras Lempiras (HNL)
The official currency of Honduras, issued by the Banco Central de Honduras and divided into 100 centavos. It is named after native leader Lempira, who resisted the Spanish conquest in the 16th century. Managed crawling-peg with respect to the US dollar; rate adjusted gradually, not rigidly pegged or allowed to float freely.
Honduras is an agricultural economy, with coffee, bananas and palm oil its main exports, closely linked to the United States, its largest trading partner. Remittances from Hondurans in the US are an important part of GDP and a vital source of foreign currency inflows to support the exchange-rate regime.
Dollarisation is also common in larger commercial transactions and in real estate, as well as in the official currency.
Example: A coffee co-operative in Honduras receives dollars from buyers in the United States, converts them into lempiras at the managed rate to pay local operating costs, and witnesses the steady depreciation of the crawling peg gradually reduce the lempira value of its dollar revenues over time. The predictable downward path is embedded in multi-year supply contracts the crawling peg’s gradualism creating planning certainty even as it creates structural currency drag on dollar-earning exporters.
Hong Kong Dollar (HKD)
The official currency of Hong Kong issued by three commercial banks, namely HSBC, Standard Chartered and Bank of China (HK) under the supervision of the Hong Kong Monetary Authority. 100 cents make up a dollar. Runs a currency board system, pegged to the US dollar in a narrow band of 7.75 to 7.85 per USD.
So under the currency board, every HKD in circulation is 100% backed by US dollar reserves at the fixed rate. The HKMA intervenes automatically at the band limits, buying HKD at 7.85 and selling at 7.75, using reserve management rather than discretionary policy to defend the peg.
The system imports US monetary policy in its entirety: Fed rate changes are automatically mirrored, regardless of what is happening in the local economy.
Example: The Fed aggressively raises interest rates. The HKMA keeps pace with the rise whether it is the local property market or the domestic growth. Even if the Hong Kong economy is at a very different point in the cycle than the U.S. economy that is informing the Fed’s move, mortgage holders in Hong Kong on variable rates will see the size of their payments adjust up or down in direct reflection of the Fed’s move.
Horizontal Channel
A price pattern in which prices move sideways between two nearly parallel horizontal lines, called resistance above and support below, creating a sideways range without a clear trend. Also called a trading range, rectangle or conso zone.
Channels form when buying and selling interest is more or less equal and neither side has enough conviction to push the price outside of the established boundaries. Depending on the time frame and market, the pattern can last for days, weeks, months or more.
Two methods are applied. Range traders buy at support and sell at resistance, profiting from the oscillation. Breakout traders look for a clear move beyond one of the boundaries as a sign that the balance has shifted. False breakouts, in which a price briefly breaks through a boundary and then reverses, are common and often catch out breakout traders.
Example: EUR/USD is oscillating between 1.0800 and 1.1000 for a couple of months. A range trader buys around 1.0820 and sells around 1.0980 collecting the oscillation. A breakout trader waits. When EUR/USD finally closes above 1.1000 on high volume, the breakout trader goes long and targets a measured move equal to the height of the channel above the breakout level.
Horizontal spread
A type of options spread that involves buying and selling options with the same expiration date but different strike prices.
Hot IPO
An initial public offering (IPO) that generates a high level of interest from investors and often experiences a significant increase in price on its first day of trading.
Hot Potato Trading
A market microstructure phenomenon in which a large position is rapidly passed sequentially from dealer to dealer, each holding the unwanted inventory for a short period and then immediately passing it on to the next player. This redistribution in sequence produces a trading volume that is an order of magnitude larger than the original transaction that started the chain.
When a big institutional order comes into the market, the dealer who gets it takes it into inventory. Then immediately tries to dump it on other dealers, who do the same. Every turn creates more volume. The multiplier means that reported volume around a large order can be multiples of the original notional size.
Hot potato trading is most visible in FX interdealer markets and helps explain why FX trading volumes are so much larger than the underlying economic flows they serve.
Example: A central bank conducts a large FX intervention, selling domestic currency to purchase dollars. The primary dealing bank takes the flow and immediately redistributes inventory through the interdealer market. Further, each successive dealer passes it on. When the position is fully distributed, the reported volume attributable to the single intervention is multiples of the original transaction size. The hot potato multiplier generates volume far in excess of the underlying policy action.
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