By Andrew Nissenbaum and Patrick Cullen
How Currency Markets Work is a comprehensive and street-smart guide for understanding currency markets. The book bridges academic theory and trading floor reality. Written by Andrew Nissenbaum, former Head of Macro Research at Soros Fund Management’s Quantum Fund, and Patrick Cullen, geopolitical risk analyst with a PhD from the London School of Economics.
United States
Canada
United Kingdom
Switzerland
ADVANCE PRAISE FOR HOW CURRENCY MARKETS WORK
“This book gives a budding trader a true sense of how challenging trading currencies can be with detailed descriptions of trading strategies. It is written by two leading figures in the trading/hedge fund world. It would have been a terrific read for my international finance students at Wharton. Not surprising since Andy Nissenbaum was one of my star students.”
― Richard C. Marston, Professor of Finance, Emeritus, Wharton School, University of Pennsylvania
“From his time as a young trading prodigy a quarter century ago, Andy Nissenbaum has been thinking deeply about currency markets. In his new book, he draws on deep institutional knowledge of market trading conventions which often remain hidden from standard textbooks. Andy has worked alongside some of the greats, and it is wonderful that he is able to share his accumulated wisdom with new readers.”
―James Sweeney, Head of Economics for Global Fixed Income, BlackRock
“Soros Fund Management took the extraordinary step of hiring Andrew Nissenbaum at the age of 22 because he possesses a knowledge of markets and trading flair unparalleled at his age to my knowledge.”
―Stanley F. Druckenmiller, Founder, Duquesne Capital Management
“Pattern recognition is the basis on which all important decisions are made in life and markets. In markets, the study of patterns is the study of money flow. And money flow, in the institutional arena, is order flow, plain and simple. Andy and Patrick articulate perfectly the importance of ‘order flow intelligence’ and that market reactions to events follow patterns. Anyone who seeks to trade and profit from market-moving news and events must study not the news itself but the repeating patterns of the reactions.”
―Carter Braxton Worth, CNBC Chart Master, CEO and Founder of Worth Charting
“This fast-paced, beautifully written book takes you on an insider-guided tour of the vast global currency market, presented as a ‘battlefield’ in which traders win bets that gain them millions or lose bets and their jobs. Investors, would-be investors, and anyone who follows economic events and trends will enjoy this book.”
―David Denslow, Professor of Economics, Emeritus, University of Florida
WHY THIS BOOK MATTERS
The currency market is the largest and most liquid financial market in the world, with trillions of dollars changing hands every day. It influences how governments finance themselves, how corporations manage risk, and how investors build global portfolios.
How Currency Markets Work provides a clear and practical framework for understanding that market. Instead of abstract theory or overly simplified trading tips, it shows how macroeconomic data, policy decisions, flows, positioning, and politics interact in real time, and how professionals interpret and respond to events as they unfold.
WHO THIS BOOK IS FOR
This is the book the authors wish had existed at the beginning of their careers. It is written for:
- Macro and currency fund managers who want a framework for currency ideas and risk management
- Multi asset portfolio managers and chief investment officers who need to integrate currencies into broader portfolios
- Traders and analysts at hedge funds, banks, and family offices who want a deeper understanding of currency drivers and market structure
- Students and academics who know the theory and want to see how it plays out in real market environments
- Corporate treasurers and chief financial officers who manage currency exposure and need to speak the same language as dealers and traders
- Serious individual investors who treat currencies as part of a disciplined, macro driven investment process
WHAT YOU WILL LEARN
The book is organized to move from first principles to advanced practice. Among many topics, you will learn how to:
- Understand how the modern currency market is structured, including spot, forwards, and options, and how liquidity is actually provided
- Understand how central bank interventions create risk and opportunity for currency traders
- Read positioning and sentiment across different market participants and avoid the risks created by crowded trades
- Use volatility and options markets to frame probability distributions, hedge risk, and design asymmetric payoff profiles
- See how traders construct and size positions across spot, options, and forwards
- Design risk management rules that are robust to real world stress, not only to backtests
- Incorporate geopolitical risk, including elections, war, and non state actors, into a currency framework
Watch a playful promotional video for How Currency Markets Work:
For more videos visit the Currency Markets YouTube channel.
ABOUT THE AUTHORS
Andrew Nissenbaum has over 30 years of experience in currency markets. Nissenbaum was Head of Macro Research at Soros Fund Management’s Quantum Fund, and a proprietary trader for Bank of America, UBS, Deutsche Bank, and Steinhardt Management. Andrew holds a Bachelor of Science degree in Economics with a concentration in Finance and Statistics from The Wharton School of the University of Pennsylvania.
Patrick Cullen holds a PhD in International Relations from the London School of Economics and Political Science. Formerly with the political risk consultancy Eurasia Group, Cullen is a world-renowned expert in the new geopolitics of Hybrid Warfare. He has lectured on the topic at the United Nations Security Council, the European Centre of Excellence for Countering Hybrid Threats, OSCE, OECD, Pentagon, United States Indo-Pacific Command, NATO, European Commission, and various government, military, and intelligence organizations worldwide from Budapest to Taipei.
INSTITUTIONAL AND MEDIA PARTNERSHIPS
For institutional and media partnerships related to How Currency Markets Work, including events, interviews, and co branded content, please contact Macrofund.
BOOK DETAILS
Title: How Currency Markets Work
Authors: Andrew Nissenbaum and Patrick Cullen
Publisher: Wiley
Format: Hardcover
Publication date: April 21, 2026
ISBN: 9781394335176