  The cross-correlations between the exchange rate fluctuations of 74
currencies over the period 1995-2012 are analyzed in this paper. The eigenvalue
distribution of the cross-correlation matrix exhibits a bulk which
approximately matches the bounds predicted from random matrices constructed
using mutually uncorrelated time-series. However, a few large eigenvalues
deviating from the bulk contain important information about the global market
mode as well as important clusters of strongly interacting currencies.We
reconstruct the network structure of the world currency market by using two
different graph representation techniques, after filtering out the effects of
global or market-wide signals on the one hand and random effects on the other.
The two networks reveal complementary insights about the major motive forces of
the global economy, including the identification of a group of potentially fast
growing economies whose development trajectory may affect the global economy in
the future as profoundly as the rise of India and China has affected it in the
past decades.
