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Markets generally tend to move little this day so it may be wise to avoid opening any new trades. Almost all major markets and brokers will be closed today on this major holiday, with Japan, China, and Middle Eastern countries as the only notable exceptions. Trading will not be possible with the vast majority of brokers closed. Most major markets and brokers will reopen, but English culture celebrates a holiday the first weekday after Christmas. Typically, there is relatively thin trading in Japan and Frankfurt until New York opens, when liquidity really comes on tap.

This can be a good time to trade, especially when New York opens, and liquidity really gets going. This will in turn help provide answers regarding our research questions, which focus on whether terror attacks affect and to what extent global currency markets and potentially national and global class dynamics.

The USA had seen terror attacks before e. Oklahoma, ; New York, , but the scale of this one was unparalleled. The perpetrators were Al-Qaida, and the attack killed people, injuring many more and causing huge losses in property and infrastructure. Moreover, the attack had other significant indirect effects, such as the employment of substantial Federal emergency funds to cover heightened airport security, the introduction of sky marshals, government takeover of airport security and the cost of military operations in Afghanistan. As can be seen from Table 2 , on the day of the attack, the USD exhibited significant negative abnormal returns, i.

It also found that CAR, 11 days after the event, were statistically insignificant. The second event examined is the attack on the Madrid commuter train system in March The perpetrators behind this attack, which resulted in the death of people and injuries to others, were the Abu Hafs al-Masri Brigades. Barcelona, , but this attack was by far the worse in terms of casualties. Moreover, the attack had two important political repercussions: the first one was a change in government the PP lost the forthcoming elections , and the second one was that Spain withdrew its troops from the war in Iraq.

It seems that the market took some time to digest and assess the effects of this attack, probably due to the fact that immediately after the bombing, leaders of the PP governing party claimed evidence indicating that ETA was responsible for the bombings; Islamist responsibility would have had the opposite political effect, as it would have been seen as a consequence of the PP government taking Spain into the Iraq War, a policy extremely unpopular among the people of Spain.

More specifically, [ 24 , 25 ] documented significant and rather lasting—but not permanent—CAR for this event. The third event focuses on the bombings that took place in London in July , when three bombs exploded aboard London underground trains along with a fourth one, which exploded on a bus. The perpetrators of this attack, which resulted in 56 people dying and injured, were members of the Secret Organisation of Al-Qaeda in Europe. Britain had seen terror attacks before, especially from the Irish Republican Army IRA , but this was by far the worst attack it suffered since the bombing of the Pan Am Flight in Scotland in As can be seen from Table 4 , on the day of the event, the GBP exhibited significant depreciation against the euro, the yen, and the Swiss franc, but not against the US dollar.

As such, it appears the GBP took some time to recover from this attack, at least against some currencies.

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This is somewhat in contrast to what was documented in [ 25 ] regarding the London stock market, which documented that the market was quick to recover after the attack. Our results so far merit a comment regarding the significance of currency pairs involving the yen and the CHF. The fourth event refers to the Boston marathon bombing in April when two bombs exploded during the marathon, resulting in three people being killed and more than being injured. Boston Bombings. The next seven events that are examined in this paper are more recent ones and have occurred between and These refer to the November Paris attacks, the March Brussels attacks, the July attack in Nice, the December attack in Berlin, the March attack in London, the May attack in Manchester and the August attack in Barcelona.

France had experienced terror attacks before e. Due to this series of attacks, France was put under a state of emergency, borders were closed, and soldiers were deployed to help the police maintain order in Paris. The second event occurred a few months later and refers to the three suicide bombings which took place in Belgium in March two at Brussels Airport and one at Maalbeek metro station , which resulted in 32 deaths and more than injuries.

The perpetrators were again members of ISIL, and the attacks were the worst terror incident Belgium ever faced. The third event took place in France again and is the attack that took place in Nice in July , when a large truck was driven into crowds celebrating Bastille Day. The attack resulted in 86 deaths and injuries and once again, the ISIL claimed responsibility for it. The fourth event examined is the attack on a Christmas market in Berlin in December , which cost the life to 12 people and left 56 injured.

The perpetrator was a Tunisian failed asylum seeker, and ISIL yet again claimed responsibility for the attack. Germany had experienced terror attacks in the past e.

According to police sources, the perpetrator may have acted alone but could have been inspired by ISIL. Twenty-three people were killed in this attack and about five hundred were injured. It was the deadliest attack in the UK since the London bombings. The final event examined in this paper is the attack in Barcelona in August when a van was driven into pedestrians on the popular La Ramblas Avenue. As a result of the attack, 12 people lost their lives and another were injured.

A few hours after this incident, five men thought to be members of the same terrorist group drove into pedestrians in nearby tourist resort Cambrils, killing one person and injuring six others. The attacks were the deadliest in Spain since the Madrid train bombings, and it is believed that the ISIL was once again behind them. This finding is particularly interesting and potentially important, as it clearly contrasts the findings related to earlier events, where, on the day of the event, there was clear evidence of statistically significant negative abnormal returns, which very often persisted for some currency pairs especially those involving the yen and the CHF in the subsequent event windows.

The analysis carried out in this section provides important insights regarding the research questions addressed in this paper. The first question was whether specific terror attacks affect the value of the currency of the country attacked versus other major currencies. Our results seem to suggest that the former events appear to cause negative abnormal returns on the day of the event, i. It should be noted though that these studies do not cover more recent events, i. Our results regarding such events seem to suggest that the clear majority of these events do not seem to exert any significant negative effect on the value of the currency of the country affected, and this holds across all currency pairs analysed.

Overall, it seems that financial markets have become less and less reactive to terrorist incidents in recent time. The second question was whether the aforementioned effect on the currency was permanent or transitory. Again, there is a distinct difference between former and latter events; in the case of the former events, the effect, as highlighted by negative CAR, seems to persist for some days, at least for some currency pairs.

As far as the latter events are concerned, in line with our finding related to the first question, there does not appear to be any persistent effect for any of the currency pairs analysed.

The third question addressed was whether the market response to such events has changed over time and more specifically whether more recent attacks affect currency markets in the same way as earlier ones. Results regarding this question seem quite interesting as they clearly indicate that recent events such as the Manchester bombing in May or the attack in Barcelona in August , among others, did not seem to have any significant effect on the value of the currency of the country suffering the attack. Nonetheless, our results indicate that this is not always the case, for example, the attack in Paris in November and in Nice in July caused more deaths than the attack in London in , yet the market reaction was distinctly different.

There is probably a different dimension to the above discussion, which is related to the theory developed in Ref. Nonetheless, given the unfortunate fact that lately we are seeing increasingly more and more terror attacks, it is possible that market participants may, at some point in time, re-evaluate their reaction to such events. This would most certainly be a very interesting field for future research, if and when more data is available we most certainly hope it will not.

Turning now to the fourth and final question addressed in this paper, which was whether the above results regarding the effect of terror attacks on foreign exchange markets may influence national and global classes. This can potentially be done through the channel of the economy of the country suffering the attack, i.

Typically, currency depreciation leads to imports becoming more expensive and exports becoming cheaper, thus more attractive; this usually results in an improvement in the balance of payments of the country. Furthermore, a depreciation in the local currency is also likely to make the specific country a less attractive destination for foreign workers, but a more attractive one for tourists. Of course, when the currency of one country depreciates, the currency of another one or more appreciates; naturally, the economic consequences of a currency appreciation are the opposite to the ones mentioned above.

So, given the above, one might wonder what the effects of terror attacks, through the foreign exchange market, and its connection with the economy, might be on the class dynamics of nations, e.

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Nonetheless, an event such as a terror attack is likely to cause economic effects that will affect class dynamics, at the national and global levels, only if its effects on the currency—and hence the economy—are persistent, i. Consequently, it appears that our results indicate that terror attacks are not likely to affect class dynamics, at least not through the foreign exchange market channel, which seems to be particularly efficient in absorbing short-term shocks, due to terror attacks, and continuing to function effectively, thus preserving economic stability.

It moreover provides an initial discussion regarding the possible effect that terror attacks might have, through the foreign exchange market and its link to the economy, on national and global class dynamics. Our results provide interesting insights regarding the way currency markets react to terror attacks over time.