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A guide to trading European Currencies

Forex industry is dynamic and is constantly changing. In order to understand and even trade in forex, one must first appreciate the history of foreign exchange. In addition to that, a person must appreciate why some currencies are highly traded while others are almost never traded.

History of forex trading in Europe

Forex trading has undergone several transitions over the past couple of centuries. Since the introduction of the gold system and the subsequent adoption of the Bretton Woods System, trading of currencies was a preserve of the very large corporations. Then the internet came and private individuals ventured into this market. Currencies of different countries remain the highest traded item on a daily basis in the world. In Europe where FX trading has been nothing but phenomenal, several currencies are particularly popular. They are;

Great Britain Pound – GBP

The British pound remains one of the most popular currencies for speculators. It should be remembered that it is this currency that was used on ‘Black Wednesday’ in 1992 when George Soros made profits exceeding $1 billion. The GBP is available 24 hours on all worldwide exchanges. The UK voted to leave the European Union. However, it has one of the most globalized economies in the world. London is regarded by many as the second largest financial headquarters in the world. This serves to make the GBP all the more relevant in FX trading.

Euro – EUR

Forex trading is ruthlessly competitive. About 10 major firms control more than 75% of FX trading volumes. EUR is the second most significant currency in FX, only behind the US dollar. The currency is also used as a primary or a secondary reserve currency by many countries around the world. As seen on analysis, the EUR is the official currency of the 27 Eurozone countries. 17 of these countries such as Denmark and Sweden use their own currencies. As a bloc, the European Union has the largest GDP in the world and is also the largest exporter. The EUR is strong based on the strong economics of Eurozone.

Swiss Franc – CHF

The USD and the CHF currencies have an inverse relationship. There are times when the relation is positive and there are other times when it is negative exceeding 90%. More than 90% of all currency transactions involve the USD. It is also important to note that the health of the US economy, which is the largest in the world, determines a lot how the rest of the world currencies behave. Switzerland has more than 100 bilateral agreements with the EU. The movement of people in and out of Switzerland to the EU is not prohibited. The very intimate relation between the EU and Switzerland means that the economy and currency of this country strongly correlate to how the EUR behaves.

Polish Zloty – PLN

The Polish Zloty is the currency of Poland. It is made of 100 grosz. In the past, the Zloty has undergone several revaluations the last one happening in 1995. Many of the exchanges in Europe trade the PLN. However, the currency is not common outside Europe and is mainly paired with the USD.

Czech Republic Koruna – CZK

The Czech Republic uses the Koruna as its currency. The acronym for the currency is CZK. This currency is not popularly traded in the forex market. The currency is mostly paired with the EUR when it is being traded on FX exchanges. There are traders however who find is beneficial to pair USD/CZK. Because the Czech Republic wholly adopted the Euro, the Koruna becomes something of gem/ exotic when it is traded against currencies such as the USD and the GBP.


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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

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