... predictable legislation, absence of geopolitical tension create favorable conditions for business, while political crises or sanctions can negatively affect the securities market. The goal of this stage is to identify the global trend. If the economy ... ... cause fluctuations in rates, as it affects investors' confidence in the country's economy. Force majeure events have a strong impact on currencies: during the global crisis of 2008 or at the beginning of the 2020 pandemic, there were sharp jumps in demand ...