Buying And Selling Currency PairsBuying And Selling Currency Pairs
Forex trading buys one currency at the same time and sells another currency. Currency is traded through brokers or dealers and traded in pairs.
For example, the euro and the dollar (euro/dollar) or the pound and the yen (sterle/yen).
When you trade in the Forex market, you can buy or sell a currency pair.
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| Buying And Selling Currency Pairs |
Imagine that every currency pair is in a "tear-fighting war," where each currency is on one side of the rope. The exchange rate fluctuates according to which currency is currently strong.
Major Currency Pairs
CURRENCY PAIR COUNTRIES FX GEEK SPEAK
EUR/USD Eurozone / United States “euro dollar”
USD/JPY United States / Japan “dollar yen”
GBP/USD United Kingdom / United States “pound dollar”
USD/CHF United States/ Switzerland “dollar swissy”
USD/CAD United States / Canada “dollar loonie”
AUD/USD Australia / United States “aussie dollar”
NZD/USD New Zealand / United States “kiwi dollar”
Major Cross-Currency Pairs or Minor Currency Pairs
A currency pair that does not contain the US dollar (USD) is called a cross currency pair or simply a "cross currency pair."
The main cross is also known as the "minor."
The most active crossovers are from three major non-US dollar currencies: Euro, Japanese Yen and British Pound.
Euro Crosses
CURRENCY PAIR COUNTRIES FX GEEK SPEAK
EUR/CHF Eurozone / Switzerland “euro swissy”
EUR/GBP Eurozone / United Kingdom “euro pound”
EUR/CAD Eurozone / Canada “euro loonie”
EUR/AUD Eurozone / Australia “euro aussie”
EUR/NZD Eurozone / New Zealand “euro kiwi”
EUR/SEK Eurozone / Sweden “euro stockie”
EUR/NOK Eurozone / Norway “euro nockie”
Yen Crosses
CURRENCY PAIR COUNTRIES FX GEEK SPEAK
EUR/JPY Eurozone / Japan “euro yen” or “yuppy”
GBP/JPY United Kingdom / Japan “pound yen” or “guppy”
CHF/JPY Switzerland / Japan “swissy yen”
CAD/JPY Canada / Japan “loonie yen”
AUD/JPY Australia / Japan “aussie yen”
NZD/JPY New Zealand / Japan “kiwi yen”
Other Crosses
PAIR COUNTRIES FX GEEK SPEAK
AUD/CHF Australia / Switzerland “aussie swissy”
AUD/CAD Australia / Canada “aussie loonie”
AUD/NZD Australia / New Zealand “aussie kiwi”
CAD/CHF Canada / Switzerland “loonie swissy”
NZD/CHF New Zealand / Switzerland “kiwi swissy”
NZD/CAD New Zealand / Canada “kiwi loonie”
CURRENCY PAIR COUNTRIES FX GEEK SPEAK
USD/HKD United States / Hong Kong
USD/SGD United States / Singapore
USD/ZAR United States / South Africa “dollar rand”
USD/THB United States / Thailand “dollar baht”
USD/MXN United States / Mexico “dollar mex”
USD/DKK United States / Denmark “dollar krone”
USD/SEK United States / Sweden “dollar stockie”
USD/NOK United States / Norway “dollar nockie”
It is not uncommon to see a spread that is two to three times larger than the euro/dollar or the dollar/yen. So if you want to trade a foreign exchange currency pair, remember to consider this in your decision making
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