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Forex trading, also known as foreign exchange trading, involves buying and selling currencies on the foreign exchange market with the aim of making a profit from changes in exchange rates.
The Forex market operates as a decentralized global marketplace where currencies are traded 24 hours a day, five days a week. It consists of banks, financial institutions, corporations, governments, and individual traders who buy and sell currencies.
What are currency pairs?
Currency pairs are quoted in Forex trading, representing the value of one currency relative to another. For example, EUR/USD represents the Euro against the US Dollar. The first currency in the pair is called the base currency, and the second currency is called the quote currency.
Currency exchange rates are influenced by various factors, including interest rates, inflation, economic indicators, geopolitical events, central bank policies, and market sentiment.
The major currency pairs are the most traded pairs in the Forex market and include EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, and USD/CAD. They typically have high liquidity and tight spreads.