The most common currencies being traded are referred to as "Majors" and 85% of the Forex market transactions are done with the "Majors". The five currencies referred to as "Majors" are the US Dollar (USD), Euro (EUR), British Pound (GBP) Yen (JPY) and Swiss Franc (CHF) .The system that now operates the Forex market it was established in the 70s of the twentieth century and this time was when Dolar won the British Pound as being the reference currency in this market.
The Forex market is in simple terms, selling one currency and buying another. The Forex market also is known as "FX" is open to corporations, small businesses, banks, investment funds and private. It is the largest financial market in the world where it is traded over 5 trillion dollars, making it a very attractive market.
It is a market that is open 24 hours and constantly changing the exchange rate. The market rates start on Sunday 10 am (UK time) with the entry of the Asian market, at 7 am entering the European market with the London Stock Exchange at 8 am and last but not least New York at 1 pm. Thus the investor is free to respond to global political, global and social events taking place during the day or night economy.
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