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Answer Upon - Understanding the Basics of Forex Trading: Currency Pairs
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To trade on this market, you have to understand what is being traded. Forex trading deals with world currencies. A trader buys and sells currencies by exchanging one form of money for another, with the goal of making a profit from the transaction. The market quotations in Forex specify pairs of currencies. They are depicted by showing the base currency followed by a different currency, for example: USD/EUR or GBP/USD.
The most commonly traded Forex currency pairs are considered to be:
EUR/USD: Euro vs. U.S. Dollar
GBP/USD: British Pound vs. U.S. Dollar
USD/JPY: U.S. Dollar vs. Japanese Yen
USD/CHF: U.S. Dollar vs. Swiss Franc
Here’s how to interpret a typical Forex quotation. The currency that is shown first is generally known as the base currency, but it is known by other terms as well. It can be called the domestic currency or accounting currency or even be termed as the primary currency of a Forex currency pair. The currency that is shown in second place is called the counter or quote currency. The base currency is always equal to a single monetary unit of exchange (for example, 1 USD, 1 EUR, 1 GBP). This is generally implied and not shown. The quote currency is the amount of that currency that is able to purchase a single
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To trade on this market, you have to understand what is being traded. Forex trading deals with world currencies. A trader buys and sells currencies by exchanging one form of money for another, with the goal of making a profit from the transaction. The market quotations in Forex specify pairs of currencies. They are depicted by showing the base currency followed by a different currency, for example: USD/EUR or GBP/USD.
The most commonly traded Forex currency pairs are considered to be:
EUR/USD: Euro vs. U.S. Dollar
GBP/USD: British Pound vs. U.S. Dollar
USD/JPY: U.S. Dollar vs. Japanese Yen
USD/CHF: U.S. Dollar vs. Swiss Franc
Here’s how to interpret a typical Forex quotation. The currency that is shown first is generally known as the base currency, but it is known by other terms as well. It can be called the domestic currency or accounting currency or even be termed as the primary currency of a Forex currency pair. The currency that is shown in second place is called the counter or quote currency. The base currency is always equal to a single monetary unit of exchange (for example, 1 USD, 1 EUR, 1 GBP). This is generally implied and not shown. The quote currency is the amount of that currency that is able to purchase a singl
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The most commonly traded Forex currency pairs are considered to be:
EUR/USD: Euro vs. U.S. Dollar
GBP/USD: British Pound vs. U.S. Dollar
USD/JPY: U.S. Dollar vs. Japanese Yen
USD/CHF: U.S. Dollar vs. Swiss Franc
Here’s how to interpret a typical Forex quotation. The currency that is shown first is generally known as the base currency, but it is known by other terms as well. It can be called the domestic currency or accounting currency or even be termed as the primary currency of a Forex currency pair. The currency that is shown in second place is called the counter or quote currency. The base currency is always equal to a single monetary unit of exchange (for example, 1 USD, 1 EUR, 1 GBP). This is generally implied and not shown. The quote currency is the amount of that currency that is able to purchase a singl
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USD/CHF: U.S. Dollar vs. Swiss Franc
Here’s how to interpret a typical Forex quotation. The currency that is shown first is generally known as the base currency, but it is known by other terms as well. It can be called the domestic currency or accounting currency or even be termed as the primary currency of a Forex currency pair. The currency that is shown in second place is called the counter or quote currency. The base currency is always equal to a single monetary unit of exchange (for example, 1 USD, 1 EUR, 1 GBP). This is generally implied and not shown. The quote currency is the amount of that currency that is able to purchase a singl
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Let’s take a look at a sample quotation. Consider a USD/EUR currency pair that is quoted as USD/EUR = 1.8. If you purchase this currency pair, you will receive 1 USD for every 1.8 euros that you sell. If you sell this currency pair, you will earn 1.5 euros for every 1 USD that you sell.
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