Information Content of Order Flows in the Foreign Exchange and Commodities Markets

澳大利亚经济严重依赖资源和大宗商品市场。澳元是世界上交易最活跃的第六大货币，它比除日元以外的所有主要货币都更不稳定。拟议的研究旨在提高外汇和大宗商品风险的波动性预测和对冲有效性，这将为澳大利亚经济、企业和投资者创造巨大的利益。此外，该项目将提高金融机构的投资绩效和风险管理实践，提高我国金融体系的整体安全性。它还将培育研究文化，提高澳大利亚金融机构的研究能力。

The Australian economy depends heavily on resources and commodities markets. The Australian dollar is the sixth most actively traded currency in the world and is more volatile than all other major currencies except the Japanese yen. The proposed study seeks to improve volatility forecasts and hedging effectiveness for foreign exchange and commodity risks, which will create significant benefits for the Australian economy, corporations, and investors. In addition, the project will enhance investment performance and risk management practice of financial institutions, improving the overall safety of our financial system. It will also foster research culture and increase research capacity of Australian financial institutions.