The​ foreign exchange market is the mechanism by which participants transfer purchasing power between​ countries, obtain or provide credit for international trade​ transactions, and minimize exposure to the risks of exchange rate changes.
What is a foreign exchange market?
- The forex market is the over-the-counter (OTC) market that determines the exchange rates of world currencies.
- This is the world's largest financial market and comprises a global network of financial centers that are open 24 hours a day and are closed only on weekends.
- Currencies always trade in pairs, so the "value" of one currency in that pair is relative to the value of the others.
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