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Correlation matrices of foreign exchange rate time series are investigatedfor 60 world currencies. Minimal Spanning Tree (MST) graphs for the gold,silver and platinum are presented. Inverse power like scaling is discussed forthese graphs as well as for four distinct currency groups (major, liquid, lessliquid and non-tradable). The worst scaling has been found for USD and relatedcurrencies.

Minimal Spanning Tree Graphs and Power Like Scaling in FOREX Networks