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Forex Trading: Interesting Facts and Figures

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The foreign exchange trading market is absolutely huge with vast amounts of money being moved around the globe each day. Read on for some vital facts and figures to help give you a broader picture of the forex market.

History

Foreign Exchange currency trading in some form has been around since ancient times. The modern foreign exchange market is thought to date from 1880 although it wasn’t until the 1970′s when free floating conditions began. Previously forex trading was purely the look out of large financial institutions until the internet made it accessible for all.

$3.98 Trillion

This is the amount of money that is estimated to be traded each and every day that the market is open according to Wikipedia. 1.76 trillion dollars of this is from Forex swaps, 475 billion from forward transactions, gaps account for 129 billion dollars and 1.49 trillion dollars is from spot trading.
The entire amount that is traded is thirty five times more than on the NYSE stock market. It’s also four times more than the GDP of the entire globe.

The UK and the US

The UK and The US account for over half of all forex trading. The UK does the most with a 34.1% of trading and the US in second place with 16.6%. Other big players include Germany, France, Japan, Australia, Switzerland, Singapore and Denmark.

The Biggest Currencies

The US dollar is the most traded currency with the Euro, the Yen and the British Pound in second, third and fourth place. The most popular trading pairs are US Dollar / Euro, which accounts for over a third of trades followed by the US Dollar/Yen which accounts for around 13% and the British Pound/ US Dollar which accounts for 12%.

The biggest traders continue to be large financial institutions such as HSBC, Deutsche Bank, Citi Bank and JP Morgan.

The world of forex trading is fascinating, for both traders and those who are just interested from afar. It has a rich history which follows the journey of global trade over the last two millennia from just a few countries in the Middle East, to big western powers to a free global market, operating largely online. Foreign currency trading is undeniably at its most exciting point in history with more and more ‘amateur’ traders coming on board. It’s thought that forex trading will only get bigger and the amounts traded each day is only going to increase with time.

 

 

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