forex market is anywhere currencies are traded. Moneys are important because they allow us to buy goods and services locally and across borders. International currencies must be exchanged to conduct business and foreign trade.
If you live in the United States and poverty to buy cheese from France, you or the company you buy the cheese from must pay the French for the cheese in euros (EUR). This income that the US importer would have to conversation the equal of US dollars (USD) for euros.
The same applies to travel. A French tourist in Egypt cannot pay in euros to see the pyramids as this is not the locally accepted currency. The tourist must change the euros to the local currency.
In this case the Egyptian pound, at the current exchange rate.
A sole aspect of this international market is that there is no central foreign exchange market. Rather, forex trading is done electronically on an over-the-counter (OTC) basis, which means that all transactions take place over computer networks between traders around the world rather than on a centralized exchange. Also, The bazaar is open 24 hours a day, five and a half days a week and currencies are traded around the world in the major financial centers of Frankfurt, Hong Kong, London, New York, Paris, Singapore, Sydney, Tokyo and Zurich, almost anytime. area anywhere. That means that when the US trading day ends, the forex market in Tokyo and Hong Kong starts all over again. As a result, the forex market can be extremely active at any given time, with quotes constantly changing.
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