The ever growing turnover (daily) is about 3.2 trillion US dollars. (As quoted in the month of April 2007 reported by the Bank for International Settlements) Since then according to Euromoney’s annual FX Poll, the market has continued to grow with volumes of currency trading growing by 41% between the years 2007 and 2008.
The foreign exchange market is a place where financial institutions by and sell money… for money. One currency (for e.g. the US dollar) is sold for another currency (the Japanese Yen), and a profit is incurred depending on the differences in values of the two currencies.
The foreign exchange market deals with all kinds of currencies. Though, the most traded currencies in the Forex market are listed in the following order:
1. United States dollar (USD)
2. Euro (EUR)
3. Japanese yen (JPY)
4. Pound sterling (GBP)
5. Swiss franc (CHF)
6. Australian dollar (AUD)
7. Canadian dollar (CAD)
8. Swedish krona (SEK)
9. Hong Kong dollar (HKD)
10. Norwegian krone (NOK)
11. New Zealand dollar (NZD)
12. Mexican peso (MXN)
Forecast. Inc is one such institution that provides ‘Forex Solutions for Millionaires’. Be assured that any question you may have will be answered by us at Forecast.
Continue into our website to look at some of the most common features of the Foreign Exchange Market, news, views and latest trends.
RSS 2.0 Feed URL
