The Forex market is decentralized, meaning there isn't a single entity controlling it. However, central banks, financial institutions, hedge funds, and large corporations play significant roles in influencing currency movements. Here's the question: Who exactly controls the Forex market?
I thought you already answered your own question. These people exactly control (or rather move) the forex market: Big boys with deep pockets, & the powerful herds. They move the market as and when they think/feel it is time to move the market. Sometimes they move the market decisively. Sometimes they set deadly traps here and there. Sometimes they test the market. Occasionally the market marker and the small boy might move the market (by just a little).
The interbank market. The only real deep info I could find on it (that isn't too nerdy), is the Nanex guy's videos about just how fast they can quote and requote each other. This is what you call "ultra low latency". Every major BD has real-time (two way) quotation from the entire interbank market at tiny fractions of a millisecond. lol You have 1 day forwards, 2 day forwards, etc., as well as shops doing implied forward and covered interest parity implied, cross currency basis, synthetic forward spot arb, and other stuff that only the quants even understand. Nobody does size in FX like the banks.
Big players influence the market movements with their big capitals. We, as small traders, can only join such movements to earn money if we can find traces of such big money.
No single entity controls the Forex market; it’s decentralized and operates through a global network of banks, financial institutions, corporations, and individual traders. Central banks and governments can influence it through monetary policies and interventions, but overall, it’s driven by supply and demand dynamics.