Forex trading is committed selling or buying currencies in pairs (pair). For example the American Dollar with the United Kingdom pound sterling, abbreviated GBP/USD.
There are basically eight most common currencies traded in the forex market. Eighth, the currency is referred to as major currencies consisting of:
- American dollar (USD), also known as "The Greenback" or "buck"
- Euro (EUR)
- United Kingdom pounds (GBP), also known as "Sterling" or "Cable"
- Australia dollars (AUD), also known as "Aussie"
- New Zealand dollar (NZD), also known as the "Kiwi"
- Canadian dollar (CAD), also known as the "Loonie"
- Switzerland (CHF) dollars, also called "Swissy"
- Japan Yen (JPY)
Currencies are paired and traded with each other (cross). There are also referred to as an exotic spouse or exotic pair. That is, the American dollar is paired with a country outside the seven major currencies. For example American dollars with Singapore Dollars (USD/SGD). However, trading exotic currencies such as this are rare in the forex market, because normally if the spread is very high.
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