Fed's McDonough Predicts Sunny Future For FX Market


In his first public address since joining the Federal Reserve Bank of New York earlier this year as executive vice president for foreign exchange, William McDonough let it be known that he, for one, is extremely optimistic about the future of the forex business. In remarks before the annual meeting of Forex USA Inc. last week, he also stressed the need for caution and risk controls.

But it was his upbeat tone that was particularly surprising given the consolidation that has taken place in the

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