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Forex market is the largest financial market in the world. Current it has a daily average turnover of 5 trillion USD. This number shows how big this market really is and you should know that more than 95% of this transaction are done using a currency pair .
Currency pairs always have two currencies,Valuable Forex Companies in the World for example: EUR/USD or USDCAD or GBP/JPY, etc. As you see there are always two currencies for every price quote. The first one is called Base currency and second one as Quote currency .
In forex trading both sides of a trade make up a whole as they are connected Median Renko with each other. For example if trader buys EUR against USD then he bought Euro but he bought it from the dollar seller who sold his dollar to the trader.
Top 10 of the Strongest World Currencies in Current Year 2024
- Kuwaiti Dinar
- Bahraini Dinar
- Omani Rial
- Jordanian Dinar
- British Pound Sterling
- Cayman Islands Dollar
- European Euro
- Swiss Franc
- US Dollar
- Canadian Dollar
Now that we know what is forex market and how it works, I can tell you why this market is so important for all of us. This market determines the value of our currencies compared to other international currencies. For example US dollar price in relation to Indian Rupee at any time shows how much one USD costs against INR (Indian currency).
Also if you go back 10 years ago, let’s say year 2011, when I was writing article reserve currency on my blog about index funds, then euro was only worth $0.88 instead of current $1.14 which tells us that its rise against dollar was almost 30% .
That means everything that EURO bought back then costed 30 more than before due to Euro strengt
Current market situation is very good for all forex traders because we have a variety of currency pairs to trade and we can find almost anything that we are looking for as an individual trader or as a professional one. Current top 10 currencies by average ultra scalping Strategy daily traded volume are: US dollar , Euro , Japanese yen, British pound , Swiss franc, Australian dollar, Canadian dollar , Swedish krona, Norwegian krone and New Zealand dollar .
Top 10 highest Currency in the World
This list changes from time to time but those remain on the top ten market players.
Some of those currencies, like USD and EURO you should know USD in circulation already as they are used worldwide for different reasons other than trading them against each other. And here I will tell you why some other currencies became so popular these days.
Australian dollar . In last 2 years it has been constantly rising against Euro and US dollar as well as other currencies from top 10 list, especially against Swiss franc. Problems with Euro debt crisis along with Australia natural resources got this currency a lot of attention recently.
It is a safe haven for some traders but to be honest I am not one of those guys Trading Strategy who invest in such things as political or economical problems can destroy everything you have built so far. You have to remember that investment should always come from the inside first and not from outside events if you want to enjoy further growth without any stress.
Japanese yen . This currency was very popular about one year ago when Yen quickly grew against all major currencies but then after Bank of Japan.
