Scaling and correlations in foreign exchange market

We observe that the distribution of the relative return, describing the variation of a certain currency, of 74 global currencies obeys a power-law. By using the random matrix theory we find that the distribution of eigenvalues of correlation matrix of relative return also follows a power-law. Using a scaled factorial moment we investigate the distribution of correlation coefficients of the relative return and observe intermittence phenomenon. Furthermore, we define the influence strength for a certain currency, which reflects the influence of its price change to the community interested. By doing that, we find that the distribution of influence strength is again a power-law. Beyond that, we compare the influence strength of Chinese Yuan (RMB) to those of other seven important currencies, which may have some interesting indications