More from the best forex trading course from Forex Smart Trade. The most liquid currency pair is EUR/USD, i.e., euro against the U.S. dollar. The dollar is the most heavily traded pair in the world. The quotation for EUR/USD = 1.2500. It means that one euro is exchanged against 1.2500 US dollars. You will need $125 to buy 100 euros. The euro is the base or first currency in this currency pair, while the U.S. dollar is the quote or counter currency.
Aside from the EUR/USD pair, there are as many currency pairs as currencies in the world. Currencies come and go; the same is for currency pairs. The total number of currency pairs changes depending on the currency dynamics.
The currencies having high trading volume against the U.S. dollar are known as the major currencies. These are:
The two currency pairs, AUD/USD and USD/CAD, are known as commodity currencies. They are known as commodity currencies because both the countries Canada and Australia are rich in commodities and its prices affect the economics of both countries.
The currency market works for 5 days of the week; it opens on Sunday night and closes on Friday at 5 p.m. U.S. Eastern time. And the above-mentioned pairs have the most liquid markets that are open 24 hours from Monday to Thursday.
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