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What Currencies are traded in the Forex Market?

Updated on February 7, 2011

Many countries have a currency of some sort, either a hard currency like U.S. dollar or the humble Cambodian Riel. These currencies of the world must have a value in the past all currencies were compared to international market price of gold or what is known as the gold standard and the countries that keep their currency reserves into gold. In more recent times, the world's economies have grown and become more complicated, this is no longer necessary and the majority of countries keep their currency reserves in U.S. dollars, and since the introduction of a single European currency (the euro), some countries (not just the Europeans) are using this as their reserve currency, or often a combination of the 2 coins. 

Currency and foreign currency prices are often referred to as Forex. Because currencies are priced in comparison with other currency pairs are always displayed as currency, some examples of most actively traded currency pairs in the Forex are the U.S. dollar against Japanese yen (USD / JPY) pair Pound against the euro (EUR / GBP). The currencies of major economic regions are the most traded in the Forex by international banks and are known as the major pairs, including other currencies like the Swiss franc (CHF) Australian Dollar (AUD) Canadian Dollar (CHF). 

These are not only major pairs traded internationally for commercial reasons, is also actively traded for profit, there is where speculative investors. Other currencies are also traded to the already mentioned above, but are not comparable story to the volume of transactions with the major currencies. These are known as lower peers, and included in such currency pairs the Polish zloty against the euro or the Thai baht against the Japanese yen. The rest of the world's currencies are rarely traded for profit therefore not operate in Forex, and simply move according to the import and export companies and tourism base. These pairs are called exotic currencies include peers as the Egyptian Pound against the Indian rupee and countless other examples.These exotic species often have no direct exchange is easy to find a bank or even facilitate the exchange

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