Major Currencies and Trading Systems in Forex Trading
The US Dollar has a strong hold on the global foreign currency market. Any other currencies traded on forex is compared to the US Dollar, which serves as the basis or global currency. Almost all currencies are quoted in terms of the US dollar. Currently, the US dollar accounts for around 86 percent of all foreign currency market transactions. Because most commodities (metals, oil, and so on) are traded in US Dollars, any changes in supply and demand for these commodities have a direct influence on the value of the US Dollar. This occurred during the financial crisis of 2008, when oil prices plummeted and the EUR/USD rose to 1.60. The US dollar is regarded as a safe-haven asset. As a result, when economic conditions worsen, investors flock to the dollar. Come to best online currency trading platform ! €-EURO In the FX market, the €-EURO is the 2nd most dominant currency. The Euro, like the US dollar, has widespread worldwide acceptability among members of the European Monetary