Forex Trading

What is Forex Trading?

The simultaneous purchase of one currency and the sale of another is known as Forex Trade.

Currency Pairs Buying and Selling

Currency pairs, such as the euro and the US dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY), are exchanged through a broker or dealer.

You buy and sell currency pairs while you deal in the forex market.

Imagine each currency pair endlessly engaged in a tug-of-war, each on its own side of the chain. Exchange rates fluctuate depending on which currency is more powerful at any given time.

The Most Important Currency Pairs

The following currency pairs are referred to as "majors." They are the most often sold pairs and they all have the US dollar (USD) on one hand.

Euro Crosses

Currency Pair Countries FX Geek Speak
EUR/CHF Euro zone / Switzerland "euro swissy"
EUR/GBP Euro zone / United kingdom "euro pound"
EUR/CHF Euro zone / Canada "euro loonie"
EUR/CHF Euro zone / Australia "euro aussie"
EUR/CHF Euro zone / New Zealand "euro kiwi"

Yen Crosses

Currency Pair Countries FX Geek Speak
EUR/JPY Euro zone / Japan "euro yen" or "yuppy"
GBP/JPY United kingdom / Japan "pound yen" or "guppy"
CHF/JPY Switzerland / Japan "swissy yen"
CAD/JPY Canada / Japan "loonie yen"
AUD/JPY Australia / Japan "aussie yen"
NZD/JPY New Zealand / Japan "kiwi yen"

Pound Crosses

Pair Countries FX Geek Speak
GBP/CHF United kingdom / Switzerland "euro swissy"
GBP/AUD United kingdom / Australia "pound aussie"
GBP/CAD United kingdom / Canada "pound loonie"
GBP/NZD United kingdom / New Zealand "pound kiwi"

Other Crosses

Currency Pair Countries FX Geek Speak
AUD/CHF Australia / Switzerland "aussie swissy"
AUD/CAD Australia / Canada "aussie loonie"
AUD/NZD Australia / New Zealand "aussie kiwi"
CAD/CHF Canada / Switzerland "loonie swissy"
NZD/CHF New Zealand / Switzerland "kiwi swissy"
NZD/CAD New Zealand / Canada "kiwi loonie"

Exotic Currency Pairs

One major currency paired with the currency of an emerging economy, such as Brazil, Mexico, or Hungary, forms exotic currency pairs. A few examples of exotic currency pairs are seen in the table below.

Currency Pair Countries FX Geek Speak
USD/HKD United States / Hong Kong
USD/SGD United States / Singapore
USD/ZAR United States / South Africa "dollar rand"
USD/THB United States / Thailand "dollar baht"
USD/MXN United States / Mexico "dollar peso"
USD/DKK United States / Denmark "dollar krone"
USD/SEK United States / Sweden
USD/NOK United States / Norway

Since these pairs aren't as common as the "majors" or "crosses," the exchange costs of exchanging them are greater.


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