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The Forex market is the world’s largest financial market, with a daily trading volume of over $5 trillion in cash flows.
In the Forex market, there are many currency pairs that traders can choose from when trading. Examples are EURUSD, GBPUSD, which includes the US dollar (USD).
Major Pairs make up 75% of all forex transactions. These major pairs are the most traded currencies in the foreign exchange market, known as the Major Pairs.
Here are four of the major currency pairs in the Forex market:
- USD/JPY
- EUR/USD
- USD/CHF
- GBP/USD
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The currency pairs in which the US dollar is not traded are Minor Pairs. They are normally less liquid. These include the Euro and Swiss franc (EUR/CHF), Canadian dollar and Japanese yen (CAD/JPY) or Sterling and Australian dollar (GBP/AUD).
Exotic currency pairs are the least traded pairs in the forex market. Prices on Exotic Pairs can fluctuate greatly, volatility is high and spreads can be high due to low trading volume.