Forex for Beginners: A Comprehensive Guide to Currency Trading
Understanding Forex Basics Forex for beginners - Forex, short for foreign exchange, is a global decentralized market where currencies are traded. It involves the exchange of one currency for another at an agreed-upon exchange rate. The purpose of forex is to facilitate international trade, investments, and tourism. Major Currency Pairs Major currency pairs are the most actively traded in the forex market. They include: EUR/USD (Euro vs. US Dollar) USD/JPY (US Dollar vs. Japanese Yen) GBP/USD (British Pound vs. US Dollar) USD/CHF (US Dollar vs. Swiss Franc) USD/CAD (US Dollar vs. Canadian Dollar) Factors Influencing Currency Exchange Rates Currency exchange rates are influenced by various factors, including: Economic data (GDP, inflation, unemployment) Political stability and events Interest rates Supply and demand Speculation Getting Started with Forex Trading Venturing into the w...