Seemingly, the most obvious buyers and sellers of foreign exchange are importers/exporters. While this may have been true in the distant past, whereby importers/exporters created the initial demand for currency markets, importers and exporters now represent only 1/32 of foreign exchange dealing, according to BIS.
The picture of foreign currency transactions today shows:
Banks and Institutions S
peculators
Government spending (for example, military bases abroad)
Importers/Exporters
Tourists
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