- In the foreign exchange market, currency is traded in pairs.
- The two currencies in a pair are traded one against the other. The rate at which they are traded is called the exchange rate. The exchange rate is affected by currency supply and demand.
- The most common currencies traded in the market are called ‘majors’.
United States dollar (USD)
Japanese yen (JPY)
British pound sterling (GBP)
Swiss franc (CHF),
Australian dollar (AUD).
- Most currencies are traded against the United States dollar (USD).
- The most common currency pair is EUR/USD.
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