That is to say, estimation of the FX rate in the future by spot rate has a better effect than that by forward rate.

也就是说，用即期汇率预测未来汇率变动的效果要比远期汇率预测回来汇率变动的效果更好。

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But looking at the bigger picture, markets remain jittery and it is difficult to spot any directional trends, especially in FX.

但大势来看，市场情绪依然紧张，难以找到任何方向，汇市尤其如此。

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Glocer notes on his blog that machines have increasingly replaced humans in high-velocity, thin-spread markets such as spot FX, cash equities and U.S. Treasuries.

FORBES: Magazine Article