Forex The World Biggest Financial Market

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Forex is the world biggest financial market

Forex is the world biggest financial market. In April 2004, average daily volume used to be 1.9 trillion US dollars, which is higher than:

* eleven average volumes of all world stock exchanges together (167 billion US dollars);

* forty average volumes of NYSE - biggest stock exchange in the world (46 billion US dollars);

* 300 US dollars every day for every world citizen.

Currency types:

* fully convertible currency has no restrictions on any financial transactions for both residents as well as non-residents and may be exchanged for any foreign currency (the US dollar, Canadian dollar, Swiss franc, etc.);

Partially convertible currencies are those of the majority of Western European countries (Great Britain, France, Italy, Belgium, the Netherlands, Sweden, Denmark, Norway, Finland and Austria). After abolishing in December 1958 foreign exchange restrictions for non-residents, it became possible for them to convert any amount of money in bank accounts into US dollars or other currencies;

By April 2007, average daily volume increased to 3.2 trillion US dollars (~70% higher than in April 2004).

Most important markets: USA, United Kingdom and Japan. More than half of Forex volume is done in the UK and USA. Highest activity is detected in period of different markets' working hours interference.

The main Forex currencies, which make up the main volume of all transactions:

USD US dollar also known as greenback, buck and dolly.

EUR Euro, common European currency (in use everywhere in the European area).

GBP Pound sterling or the pound (Great Britain pounds), sterling, cable.

CHF Swiss franc or swissy.

by: Richard wise

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