AUTHOR: Vladimir Dimitrijevic

ABSTRACT – We outline and summarize some readily verifiable properties of the foreign exchange rate matrix, that may or may not have been previously observed and/or presented in this form, and provide an intuitive interpretation of these properties. An alternative view of the total currency portfolio value at any future time is introduced, partitioned into a purely rate-series-dependent (deal-independent), and deal-dependent terms. All ideas presented assume small or vanishing spreads and margins.