Foreign exchange or forex is the process of exchanging one currency for another. The forex market is effectively open for 24 hours due to differences in time zones, making trading a more viable option.
When it comes to starting your forex trades, the most common doubt is which currencies are worth converting?
To simplify your selection of currency pairs, we have created a list of themost popular currencies to trade in forex. These are some of the most widely traded currency pairs across the globe.
1. USD to EUR
As the most widely-traded currency pairs in the world, USD to EUR, is a shortened version of conversion of US dollars to euros. The euro represents the official currency of the European Union and 19 members. Like most other currencies, the USD/EUR pair is influenced by political movements in relation to one another.
2. USD to JPY
The Japanese yen (JPY) is the official currency of Japan. Commonly held as a reserve currency behind the USD, the euro, and the GBP, it could provide profits often by capitalizing on these daily fluctuations.
3. USD to CAD
CAD or Canadian Dollar and the USD are closely related, just like their geography. The value of the Canadian dollar or CAD is also heavily correlated with commodity prices.
4. GBP to USD
The British pound sterling or GBP is the official currency of the United Kingdom. It is used throughout England, Scotland and Wales. Though there were many large fluctuations reported, the GBP is the 3rd most-traded currency, trailing behind the USD and the EUR.
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