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The FX market is considered to be the most liquid market in the world. Forex is traded in currency pairs and is traded over the counter (OTC), this where trading occurs between two parties directly without the use of a central exchange.
Forex pairs can be traded on different timeframes ranging from seconds to months. Market movements occur within FX and can cause the price to fluctuate. This can be due to external factors affecting the price of a currency, such as politics.
At Westfield we provide you with full access to over 40 major and minor currency pairs, you will be able to find this via Westfield's trading platform.
The EUR/USD is the most heavily traded currency pair in the market, contributing 24% to the daily forex trades made in the OTC market in 2019. This particular currency pair represents two of the worlds largest economies - the European market and the U.S., therefore, making it the currency pair with the tightest spreads due to its high liquidity.
Also known as the Gopher this currency pair is the second most traded within the FX market. The Yen is mostly affected by factors which hit the Asian stock market. The Federal Reserve, as well as the Bank of Japan, will have an influence over the market movement for USD/JPY.
The USD/CAD is also known as the Loonie (this is due to the loon bird which makes an appearance on Canadian dollar coins) and correlates with commodity prices, oil in particular as this is Canada's main export. It is also affected by the interest rate differential between the US and Canada.
The Swiss Franc can be used as a safe haven for most currency traders and will appreciate in value when markets become more risk-averse, and lose ground when risk appetite increases. This pair is frequently traded during geopolitical events and economic crisis.
The AUD is recognised as another commodity currency due to the country's exports in metals and minerals, therefore, it displays strong trends due to the cyclical nature of the commodities. You will be able to see the value of the AUD rising when commodity prices rise which is different to other currencies such as the USD. In this case, traders will most likely go long when trading the AUD/USD.
The GBP/USD is probably the oldest currency pair in the FX, the pair is also known as the 'cable' and refers to the telegraph wires used to send bid and sell orders between London and New York. Both the USA and the UK have large employment numbers and both centre around the service sector heavily, which has an overall effect on the annual GDP of both countries.
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