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History of the Forex Market  courtesy  forex.com

The Foreign Exchange market, also referred to as the "Forex" or "FX" market is the largest financial market in the world, with a daily average turnover of well over US$1 trillion -- 30 times larger than the combined volume of all U.S. equity markets.

"Foreign Exchange" is the simultaneous buying of one currency and selling of another. Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY).

There are two reasons to buy and sell currencies. About 5% of daily turnover is from companies and governments that buy or sell products and services in a foreign country or must convert profits made in foreign currencies into their domestic currency. The other 95% is trading for profit, or speculation.

For speculators, the best trading opportunities are with the most commonly traded (and therefore most liquid) currencies, called "the Majors." Today, more than 85% of all daily transactions involve trading of the Majors, which include the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar.

A true 24-hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night.

The FX market is considered an Over The Counter (OTC) or 'interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network. Trading is not centralized on an exchange, as with the stock and futures markets.

More information

For more background about the Foreign Exchange market, review the Federal Reserve Banks' "All About the Foreign Exchange Markets in the United States"

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Extensive Free Daily Technical Chart Points

9/2/2010 EURUSD USDJPY USDCHF GBPUSD USDCAD
Close 1.2815 84.25 1.0133 1.5392 1.0529
High 1.2848 84.55 1.0186 1.5455 1.0556
Low 1.2777 84.01 1.0096 1.5351 1.0473
Mov avgs EURUSD USDJPY USDCHF GBPUSD USDCAD
5 day 1.2740 84.53 1.0196 1.5434 1.0562
10 day 1.2714 84.69 1.0258 1.5464 1.0556
20 day 1.2834 85.13 1.0353 1.5581 1.0457
50 day 1.2801 86.55 1.0477 1.5439 1.0428
100 day 1.2699 89.23 1.0839 1.5131 1.0376
200 day 1.3352 89.96 1.0669 1.5434 1.0389
Pivots 1.2813 84.27 1.0138 1.5399 1.0519

Source: Free Global-View FX Database


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Global-View.com Chart Gallery
09/2/2010                
20:08 GMT   2yr bp 10yr bp DJIA 10316 61
USDX 82.44 -6 0.49 -1 2.63 5 S&P 1090 11
  USD vs.     Fixed Income   NAS 2199 25
EUR 1.2823 16 0.61 -1 2.28 6 DAX 6084 0
GBP 1.5396 53 0.71 2 2.96 3 FTSE 5371 5
CHF 1.0129 22 0.38 3 1.26 8 SMI 6334 0
JPY 84.23 18 0.13 0 1.12 9 NIK 9063 136
CAD 1.0530 21 1.19 7 2.87 2 TSE 12089 111
AUD 0.9115 16 4.34 -1 4.82 2 ASX 4533 37
NZD 0.7152 32 HSI 20869 245
CNY 6.8080 32 SSEC 2659 36
  EUR vs.     GBP vs.       AUD vs
JPY 108.01 10 JPY 129.68 72 GBP 1.6885 91
GBP 83.29 39 CHF 155.95 88 CAD 0.9601 37
CHF 1.2988 12 CAD 1.6212 21 CHF 1.0820 0
AUD 1.4063 10   JPY vs.   NZD 1.2740 31
CAD 1.3502 46 CHF 83.16 0 Commodities
  CHF vs. CAD 1.25 48 Gold 1251.1 6.30
CAD 1.082 2 AUD 76.8 0 WTI 74.98 1.02
                   
                   



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WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.

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