The most commonly traded are known as “major currencies“.
Most currencies are bought and sold relative to (USD).
The U.S. dollar (USD) is the most frequently traded currency.
The other five heavily traded currencies are 🙁EUR);
(JPY);
(GBP);
Australian dollar (AUD) and (CHF).
Trading in these six major currencies accounts for 90 per cent of global market volume.
1. USD (USD) USD (currency code: USD;)
Legal tender of the United States of America.
Congress is responsible for the issuance of dollars, and the Federal Reserve Bank is responsible for the issuance of dollars.
After World War II, continental European countries reached an agreement with the United States to use the U.S. dollar for international payments. Since then, the U.S. dollar has been widely used in countries other than the United States and eventually became.
2. Euro (EUR) (currency code: EUR;)
It is the currency of 25 countries, including the European Union.
On January 1, 1999, the European Union implemented the Single Monetary Act among the euro countries. In July 2002, the Euro became the only legal currency in the euro area.
The euro is managed by the European Central Bank (ECB) and the European System of Central Banks (ESCB), which consists of the Central Banks of the euro area countries.
3. Yen (JPY) yen (currency code :JPY;)
The legal tender in Japan, the yen is often used as a reserve currency after the dollar and the euro.
4. British pound (GBP) British pound (currency code: GBP;)
Is the national currency and name of the United Kingdom.
Sterling is mainly issued by the Bank of England, but there are other issuers.
It is most commonly used to mean ¡ê.
Because Britain was the first industrialized country in the world and once dominated the international financial industry, sterling used to be the most widely used currency for business valuation and settlement.
After the First World War and the Second World War, the status of the UK has been declining, but due to historical reasons, the financial industry of the UK is still very developed, and the British pound still occupies a very high position in the transaction settlement.
5.(AUD) Australian dollar (currency code: AUD;)
It is legal tender of the Commonwealth of Australia and is issued by the Reserve Bank of Australia.
The Australian dollar is now the world’s fifth most traded currency in the foreign exchange market: after the US dollar, euro, Japanese yen and British pound, accounting for 6% of total trading volume.
6. Swiss franc (CHF) Swiss franc (currency code: CHF;)
It is legal tender in Switzerland and Liechtenstein and is issued by the Central Bank of Switzerland.
Due to the development and stability of Switzerland, the change itself depends on the situation of entry and exit and the direction of the dollar, the cycle is relatively obvious, so the Swiss franc is the king of short-term investment.
7.(CAD) The Canadian dollar, referred to as the Canadian dollar (currency code: CAD) is the official currency of Canada, which is responsible for currency issuance.
8. New Zealand dollar (NZD), often referred to as NZD (currency code: NZD;)
Issued by the Reserve Bank of New Zealand, the central bank of New Zealand, it is legal tender in New Zealand, the Cook Islands, Niue, Tokelau and the Pitcairn Islands.
