Why flows now rival fundamentals
Geography and market sentiment are having profound impacts on price action, says LMAX’s head of FX data
For most of modern market history, trading flows were seen as little more than the smoke from the fire – evidence of deeper forces at work. Growth, inflation, central banks, geopolitics: these were the “real” drivers of price action. Order books and positioning data simply reflected how investors responded. But that causality has shifted. Flows are no longer just echoes of fundamentals. They are becoming market drivers, if not predictors, in their own right.
Proprietary flow data offers a unique
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