The foreign exchange market is a financial decentralized international market. Although it is the most traded market in the world, its access to the retail sector is relatively small compared to the equity and fixed income market. One of the major reasons for this is the lack of awareness of foreign currency exchange in the investment community, as well as due to changes in foreign exchange and lack of knowledge of the method, the forex market is The largest and most liquid market in the world, where foreign currencies are traded. In the Forex market, the daily trading volume is over $5 trillion on the daily basis.

In foreign currency exchange transactions, one currency is sold in exchange for some other currency. Describes the relative value between two currencies. Currencies are usually identified by the three-digit 'swift' code. For example, EUR = Euro, USD = US Dollar, CHF = Swiss Franc, etc. EUR/USD pair is quoted as 1 euro per U.S. dollars. For example, if the pair is trading at 1.50, it means it takes 1.5 U.S. dollars to buy 1 euro Occasionally, EUR / USD is referred to as currency pair. A rate can be reversed.

Foreign currency symbol -
Like equity, currencies also have their own symbols that separate them from each other. Since the expressions of the postures are told according to the value of each other, the name of the two currencies is divided by the forward slash ('/') in the currency pair. In most cases, the first two letters are reserved for the identity of the country. The last letter is the first letter of that country's currency.

for example,

USD = United States Dollar
GBP = Great Britain Pound
JPY = Japanese Yen
CAD = Canadian Dollar
CHF = Confederations Helvetica Frank
NZD = New Zealand Dollar
AUD = Australian Dollar
NOK = Norwegian Krona
SEK = Swedish Krona

Author's Bio: 

I am from Trifid Research and through it, we provide Free Currency Tips and Free Forex Tips