Currencies
Foreign exchange, or Forex for short, is a market where you’re able to exchange one currency for another. With a daily trade volume of $6.6 trillion dollars, the forex market itself is huge! It eclipses the likes of the New York Stock Exchange (NYSE) which, by comparison, has a trading volume of only $22.4 billion per day
Currencies
What Forex Trading is
and How it Works
Now, the exchange rate between those two currencies is what’s important when trading forex. The exchange rate is constantly fluctuating, and it’s these fluctuations that allow market speculators to earn from trading or potentially lose their investment. These fluctuations are driven by the supply and demand of each currency!
The more people that are trading, the more money there is in the market, which is what we call the ‘liquidity’. As we’ve mentioned, the forex market is huge with millions of traders across the globe Because of this the liquidity in the forex market is really high!
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Available Forex Currency Pairs
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Currency crosses are pairs where the US dollar is not the counter-currency. Some of the most popular and highly traded cross pairs include: EUR/GBP, EUR/JPY, EUR/CHF and GBP/JPY.
This group usually refers to currencies of countries known for their natural resources such as oil, gold and other minerals. Some of the major commodity currencies are the Australian dollar, Canadian dollar, New Zealand dollar.
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