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What are the most traded currencies and the most commonly traded currency pairs in the foreign exchange market

forexrebate cashback forexdonesia most common currency combinations are the Forexrebateking against the yen, the euro against the dollar, the pound against the dollar three major currency combinations The so-called major currencies are the currencies of countries with stable governments, high central bank ratings Forex rebate king low inflation rates Currently, more than 85% of daily transactions are related to the dollar, the yen, the euro, the pound and other creditworthy countries and regions The 8 most traded currencies 1, the U.S. dollar ( USD) central bank: the Federal Reserve (Fed) the almighty dollar in accordance with the Federal Reserve regulations establ cashbackinforexhed in 1913 the Federal Reserve (Fed) is the United States central banking institutions the system itself is led by a chairman and the Board of Governors, focusing primarily on the branch Federal Open Market Committee (FOMC) on the Federal Open Market Committee oversees open market operations as well as monetary policy or interest rates the current The Committee consists of 12 current Federal Reserve Bank presidents and seven Federal Reserve Board members, with the Federal Reserve Bank of New York (FederalReserveBankofNewYork) having served on the Committee even with 12 voting members, non-members (including additional Federal Reserve Bank presidents) are invited to share their views on the current economic situation when the Committee meets every six weeks. The U.S. dollar, sometimes referred to as the greenback, is the national currency of the worlds largest economy, the U.S. As with any currency, the dollar is supported by economic fundamentals (including gross domestic product), as well as manufacturing and employment reports However, the dollar is also widely influenced by central banks, and any interest rate policy announcements The dollar is the benchmark against which other major currencies (especially the euro, yen and pound) are The benchmark for trading 2, the euro (EUR) central bank: the European Central Bank dollars archrival headquartered in Frankfurt, Germany, the European Central Bank is the central bank of the 17 member states of the eurozone and the U.S. Federal Open Market Committee is similar, the European Central Bank has a major body responsible for making monetary policy decisions, that is, consisting of five members, led by a chairman of the Executive Committee of the remaining policy The selection of the head is based on the consideration that four of the remaining seats are reserved for the four largest economies in the system, Germany, France, Italy and Spain, with the aim of ensuring that the largest economies are always represented on the Committee, which meets about 10 times a year in the event of management changes In addition to having jurisdiction over monetary policy, the ECB also has the right to issue currency Similar to the Federal Reserve, policy Policymakers sometimes intervene when banks or systems fail The ECB differs from the Fed in one important area: the ECBs primary objective is price stability, not maximizing employment and maintaining long-term interest rate stability, and only secondarily committing to general economic policy Therefore, policymakers will shift their focus to consumer inflation when making key interest rate decisions Although the euro monetary system is somewhat complex, the The euro is not complex relative to other major currencies (such as the British pound or the Australian dollar) against the U.S. dollar, the euro is less volatile against the U.S. dollar The average daily volatility of the euro-dollar is 30-40 pips, and 60 pips for larger swings Another thing to consider is time Since the foreign exchange market is open 24 hours a day, forex traders must strategically set their forex trading schedules during the London and U.S. trading sessions (2 a.m. to 11 a.m. Eastern Standard Time 2:00 a.m. to 11:00 a.m.), you can trade the euro currency pair 3, the yen (JPY) Central Bank: Bank of Japan technically complex, fundamentally simple Bank of Japan was established in 1882, the worlds second largest economy at the time, the central bank of Japan, responsible for monetary policy, currency issuance, money market operations and data/economic analysis of the main monetary policy The committee tends to work for economic stability, constantly exchanging views with the ruling government while striving for its independence and transparency The central bank meets 12-14 times a year and is led by a team of 9 policy members, including 2 Be-appointed deputy governors The yen tends to be used for carry trades The yen offers low interest rates and is used for trades against high-yielding currencies, especially the New Zealand dollar, Australian dollar and British pound Therefore, the yen tends to be more volatile, prompting foreign exchange traders to view the yen on a long-term technical level of 30-40 points of daily fluctuations, up to 150 points Want to try to trade against the yen, you can focus on the overlap between the London and U.S. trading sessions (6:00 a.m. to 11:00 a.m. Eastern Standard Time) 4, the British pound (GBP) Central Bank: The Bank of England Queens currency as the main governing body of the United Kingdom, the Bank of England and the Federal Reserve echoed in the same way as the Federal Reserve, the Bank of England established a committee led by the Governor, the committee consists of nine members, including four external participants (appointed by the Chancellor of the Exchequer), the chief economist, the head of market operations, the Committee Chief Economist and two deputy governors monetary policy The Committee meets once a month to decide on interest rates and broader monetary policy, with the main objective being the general stability of prices in the economy Therefore, the Monetary Policy Committee sets the benchmark for consumer price inflation at 2% If this benchmark is breached, the Governor has the responsibility to inform the Chancellor of the Exchequer in writing by letter In 2007, the UK Consumer Price Index rose sharply to 3.1%, when the Governor of the Central Bank The release of this letter is often a harbinger for the market, as it raises the possibility of a monetary policy contraction. Compared to the euro, the pound is more volatile and can have a wider range of 100-150 pips per day, but 20 pips is not uncommon. The volatility of notable pairs tends to give the pound a volatile character, with traders focusing on GBP/JPY and GBP/CHF Such currency pairs are therefore likely to be most volatile in London and the U.S. trading session, and least volatile in the Asian session (5 p.m. to 1 a.m. Eastern Standard Time) 5, the Swiss franc (CHF) Central Bank: Swiss National Bank Bankers Currency Unlike other major central banks, the Swiss central bank is a public-private partnership of management institutions This belief stems from the fact that This arrangement focuses on the economic and financial stability policies set out by the Swiss central banks Governing Council, which is smaller than most central banks governing councils, with the heads of the three major banks meeting quarterly to make monetary policy decisions The Governing Council sets the range of interest rates ( plus or minus 25 basis points) The relationship between the euro and the Swiss franc is interesting Similar to the euro, the Swiss franc does not experience significant volatility on any individual trading session Therefore, the average daily volatility of the Swiss franc is 35 pips The Swiss franc is usually the most traded during the London trading session (2:00 a.m. - 8:00 a.m. EST)  6. Canadian dollar (CAD) Central Bank:Bank of Canada Loonie Canada The central bank was created under the Bank of Canada Act of 1934, the responsibility is to focus on low and stable inflation targets, a safe and stable currency, financial stability and the effective management of government funds and public debt The Bank of Canada acts independently and has similarities with the Swiss central bank, as it is sometimes seen as a company directly owned by the Ministry of Finance despite the governments close interests, but in consideration of the governments concerns The central banker also has the responsibility to distance himself from the incumbent government and promote long-term price stability The Bank of Canada has an inflation target of 2-3% and tends to maintain a hawkish rather than dovish stance in the event of any deviation in prices The Canadian dollar remains linked to major currencies with an average daily fluctuation of 30-40 Many currency prices are aligned with commodity movements, and a unique feature of the Canadian dollar is its relationship with crude oil relationship Canada is a major exporter of commodities, so a large number of traders and investors use the Canadian dollar to hedge their current commodity positions, or for pure speculation, tracking signals from the oil market 7, the Australian dollar (AUD) Central Bank:The Australian Fed has been a favorite of arbitrageurs The Australian Fed offers high interest rates in the major global markets, and its long-term plans are always based on price stability and economic growth based on the central banks Board of Governors consists of six members headed by the governor, plus a deputy governor and a finance minister they work together to keep inflation under control between 2-3% and meet nine times a year the Australian dollar is a commodity and U.S. currency, Australia has an absolute advantage in international trade in industrial raw materials such as coal, iron ore, copper, aluminum, wool and cotton spinning products, so these Changes in commodity prices have a great impact on the exchange rate of the Australian dollar In addition, although Australia is not an important producer and exporter of gold and oil, but because Australias exports are deeply affected by the form of the world economy, the Australian dollar and gold prices, oil prices are positively correlated features are also relatively obvious 8, New Zealand dollar (NZD) Central Bank: New Zealand Federal Reserve New Zealand is a typical New Zealand is a typical raw material exporting country, its deer antler, mutton, dairy products and coarse wool exports are the worlds first New Zealand dollar movement is also deeply affected by changes in commodity prices Australia is New Zealands largest trading partner, and New Zealand is highly trade-oriented economy, the two countries have established close ties When the Australian economy performs well, it will increase imports to New Zealand; conversely, it will In addition, since the vast majority of New Zealands exports are agricultural and livestock products, and adverse weather conditions can harm the countrys agricultural and livestock activities, New Zealands GDP is highly sensitive to weather conditions As financial markets continue to develop and grow globally, foreign exchange and currencies will play an increasingly important role in daily transactions Foreign exchange markets have an average daily notional trading volume of over $5 trillion. As a result, foreign exchange continues to provide more opportunities for retail and institutional investors, whether for currency exchange for physical trade or simply for portfolio diversification
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