Major, Minor and Exotic Forex Trading Currency Pairs
Foreign exchange, also known as Forex trading is a decentralized trading domain known worldwide for its immense profit prospective. With a 24 hour market running 6 days a week, lucrative opportunities always present themselves to traders. On paper, Forex is simple - you sell a currency when it sees a hike in value; practically, however, currency trading is much more nuanced. To get started, it is important that traders be aware of the different currency pairs in Forex markets: Major Pairs: These currency pairs are the ones where the US Dollar is quoted against other currencies. Of the various major pairs, the EUR/USD is the most popular one, making up for more than 20% of the global currency trading volume. Here are some examples of major pairs: • EUR/USD: Euro - US Dollar • USD/JPY: US Dollar - Japanese Yen • GBP/USD: British Pound - US Dollar • USD/CHF: US Dollar - Swiss Franc • USD/CAD: US Dollar - Canadian Dollar • AUD/USD: Australian Dollar - US Dollar • NZD/USD: New Zealand Dollar - US Dollar Minor Pairs: Also known as cross-currency pairs, the pairs that don't have the USD are classified as minor pairs. Here are some examples: • EUR/GBP: Euro - British Pound • EUR/AUD: Euro - Australian Dollar • GBP/JPY: British Pound - Japanese Yen • NZD/JPY: New Zealand Dollar - Japanese Yen • GBP/CAD: British Pound - Canadian Dollar Exotic Pairs: Countries with developing economies see their currencies as a part of exotic pairs. Here are some examples of exotic currency pairs: • EUR/TRY: Euro - Turkish Lira • JPY/NOK: Japanese Yen - Norwegian Krone • NZD/SGD: New Zealand Dollar - Singapore Dollar • GBP/ZAR: British Pound - South African Rand • AUD/MXN: Australian Dollar - Mexican Peso Having a thorough knowledge of the different Forex trading pairs will allow you to diversify your approach and profit from multiple market scenarios. Enhance your trades with WesternFX's unparalleled guidance; call us today to know more. For more details, visit:- www.westernfx.com
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Major, Minor and Exotic Forex Trading Currency Pairs
- 1. Major, Minor and Exotic Forex Trading Currency Pairs WesternFx
- 2. INTRODUCTION Foreign exchange, also known as Forex trading is a decentralized trading domain known worldwide for its immense profit prospective. With a 24 hour market running 6 days a week, lucrative opportunities always present themselves to traders. On paper, Forex is simple - you sell a currency when it sees a hike in value; practically, however, currency trading is much more nuanced.
- 3. To get started, it is important that traders be aware of the different currency pairs in Forex markets
- 4. These currency pairs are the ones where the US Dollar is quoted against other currencies. Of the various major pairs, the EUR/USD is the most popular one, making up for more than 20% of the global currency trading volume. Major Pairs Here are some examples of major pairs EUR/USD: Euro - US Dollar USD/JPY: US Dollar - Japanese Yen GBP/USD: British Pound - US Dollar USD/CHF: US Dollar - Swiss Franc USD/CAD: US Dollar - Canadian Dollar AUD/USD: Australian Dollar - US Dollar NZD/USD: New Zealand Dollar - US Dollar
- 5. Also known as cross-currency pairs, the pairs that don't have the USD are classified as minor pairs. Minor Pairs Here are some examples of minor pairs EUR/GBP: Euro - British Pound EUR/AUD: Euro - Australian Dollar GBP/JPY: British Pound - Japanese Yen NZD/JPY: New Zealand Dollar - Japanese Yen GBP/CAD: British Pound - Canadian Dollar
- 6. Countries with developing economies see their currencies as a part of exotic pairs. Exotic Pairs Here are some examples of exotic pairs EUR/TRY: Euro - Turkish Lira JPY/NOK: Japanese Yen - Norwegian Krone NZD/SGD: New Zealand Dollar - Singapore Dollar GBP/ZAR: British Pound - South African Rand AUD/MXN: Australian Dollar - Mexican Peso
- 7. Having a thorough knowledge of the different Forex trading pairs will allow you to diversify your approach and profit from multiple market scenarios. Enhance your trades with WesternFX’s unparalleled guidance; call us today to know more.