Everyday, different types of currencies are traded in the foreign exchange market. Some of these currencies are valued more than the others and some are traded more frequently than the rest. If you are new to the forex world, it helps to learn more about the major currencies traded in the forex market so you can have a head start on big trades. A forex trading course on such a topic helps so you can get to know these major currencies a little better.
Perhaps the most popular currency in the foreign exchange trading arena is the US dollar (USD). This currency makes use of the decimal system in determining denominations. Its denominations have lots of nicknames like mills, eagles, and Unions. It is common to see the US dollar paired with other currencies in the trading market and it remains as one of the frequently traded currency in the market. Recently, oil price hikes and the recession in the US mainland has caused fluctuations in the value of US dollar but trends in the past few weeks show that this currency is gradually gaining strength.
Pound sterling or GBP is another popular currency in the forex trading world. It is the official currency of the United Kingdom, as well as the Crown dependencies. This currency is also dubbed as the quid and is sometimes abbreviated as the sterling. In wholesale financial markets, it is typical to hear payments accepted in sterling instead of pound. The term pound is used more to refer to units of this currency - 5 pounds, 10 pounds, and so on. You might also hear traders referring to it as the British pound but this is not considered an official name of the said currency.
The euro (EUR) is one the most powerful currencies in the forex market today. It is the official currency of the Eurozone or Euro Area. Several small European states have also adopted the Euro because of currency unions with member states. These small states include The Vatican, San Marino, and Monaco. Montenegro, Kosovo, and Andorra have also unilaterally adopted the said currency.
Although its value is significantly small when converted to US dollars, the Japanese yen has proven its notable presence in the currency market over the years. Its symbol is JPY and is widely used as a reserve currency after the US Dollar, euro, and pound sterling. Large quantities of yen are often counted in multiples of ten thousand and are often quoted in hundreds or thousands.
Perhaps the most popular currency in the foreign exchange trading arena is the US dollar (USD). This currency makes use of the decimal system in determining denominations. Its denominations have lots of nicknames like mills, eagles, and Unions. It is common to see the US dollar paired with other currencies in the trading market and it remains as one of the frequently traded currency in the market. Recently, oil price hikes and the recession in the US mainland has caused fluctuations in the value of US dollar but trends in the past few weeks show that this currency is gradually gaining strength.
Pound sterling or GBP is another popular currency in the forex trading world. It is the official currency of the United Kingdom, as well as the Crown dependencies. This currency is also dubbed as the quid and is sometimes abbreviated as the sterling. In wholesale financial markets, it is typical to hear payments accepted in sterling instead of pound. The term pound is used more to refer to units of this currency - 5 pounds, 10 pounds, and so on. You might also hear traders referring to it as the British pound but this is not considered an official name of the said currency.
The euro (EUR) is one the most powerful currencies in the forex market today. It is the official currency of the Eurozone or Euro Area. Several small European states have also adopted the Euro because of currency unions with member states. These small states include The Vatican, San Marino, and Monaco. Montenegro, Kosovo, and Andorra have also unilaterally adopted the said currency.
Although its value is significantly small when converted to US dollars, the Japanese yen has proven its notable presence in the currency market over the years. Its symbol is JPY and is widely used as a reserve currency after the US Dollar, euro, and pound sterling. Large quantities of yen are often counted in multiples of ten thousand and are often quoted in hundreds or thousands.
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forex trading are powerful when coupled with a desire to learn and a drive to become a great trader. Learning forex takes dedication and a good teacher. But once you learn how to trade and do so successfully your life will change and you have options and financial resources you never had before.
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