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Major Currencies In Trade Forex

The major currencies in Trade Forex are seven- US dollar, Euro, Yen, Pound Sterling, Franc, Canadian dollar and Australian dollar. More than 80% of the trade is dominated by the United States Dollar.

The trade Forex currencies are explained below:

1. United States Dollar (USD)

Using the decimal system, the U.S. dollar consists of 100 (equal) cents. Only cents are in everyday use as divisions of the dollar. Any coin with the value of 10¢ is used as “dime". For the denomination of ten dollars the term eagle was used. When issued in circulating form, denominations equal to or greater than a dollar are emitted as Federal Reserve notes whereas denominations equal to or less than a dollar are emitted as U.S. coins.

2. Pound Sterling (GBP)

The official currency of the United Kingdom- Pound with the symbol:: £; is divided into 100 pence. In the wholesale financial markets, the currency name is sometimes shortened to just "sterling". The "ster" or "stg” abbreviations are used sometimes. However, the term British pound is commonly used in less formal contexts.

3. Euro (EUR)

The euro with the currency sign: € is the official currency of the Eurozone. European states of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia, Cyprus, Malta and Spain. The Euro directly affects more than 500 million people worldwide and surpasses the U.S. dollar in terms of combined value of cash in circulation.

4. Japanese Yen (JPY)

The currency of Japan- Yen is the most widely used as a reserve currency after the United States dollar, the pound sterling and the euro. Its Latinized symbol is ¥ . Large quantities of yen are often counted in multiples of 10,000. It was introduced by the Meiji government in 1870 as a system resembling those in Europe. the coins being round and cast as in the West.

5. The Swiss franc

Fulfilling the same function as the dollar does Franc is also called "a safe heaven". Because of the neutrality and independent policy pursued by Switzerland, the banking system is completely private with isolated economy.

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