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Forex, Fx or Foreign
Exchange Market
is a network of the
largest financial
institutions in the
world such as
central banks,
commercial banks,
and other financial
institutions,
corporate customers
and brokers, where
foreign currency is
bought and sold.
Daily trading in traditional Forex is very large and was estimated at USD 1.5 trillion in 1998. The Forex market is a 24 hour global market that works all week except Saturdays and Sundays with no opening or closing hours. The four largest Forex centers in the world are London, New York, Tokyo, and Singapore. Usually trading is brisk in North America mornings, or afternoons in Europe due to both markets being open at the same time and usually due to new US economic data being released. The Forex markets regularly trade a very wide range of currencies, however the majority of transactions are in five major currencies: the US Dollar, the Euro, British Pound, the Yen and the Swiss Frank. The greatest number of currency trades are made against the US Dollar.
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