What is the currency exchange program forex?

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What is the currency exchange program forex?

Post by Bahu123 on Thu Nov 12, 2015 6:51 am

Forex is also known as the foreign currency exchange. It is simply the market in which people trade currencies and currency futures. The values of different currencies against one another create constantly varying profit and loss margins for investors to exploit.
History
Modern foreign exchange dates back to 1973, when the gold window was closed and currencies all over the world were set free to float in value rather than be fixed to the price of gold, as they had been since 1944.

Geography
Today, forex is global and decentralized. Investopedia identifies the largest global currency trading centers as New York in the U.S., London in the U.K., as well as Zurich, Switzerland; Hong Kong, China; Tokyo, Japan; Frankfurt,Germany; Paris, France, Sydney, Australia, and Singapore.

Size
Forex is the largest market in the world, responsible for about $1.9 trillion worth of trades per day, according to Investopedia.

Investor Types
There are six categories of investor in the foreign exchange market. These are: central banks, corporations, investment banks, commercial banks, global funds, and retail clients.

Famous Ties
The most famous successful forex trader is George Soros, known as "The man who broke the Bank of England," because in 1992 he made $1 billion on a single short trade of $10 billion against the British pound.
Source:
Investopedia.com: Forex

GoCurrency.com: Foreign Exchange Markets

"The man who broke the Bank of England"; BBC News; Dec. 8, 1998

Bahu123

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