The meaning of term “Forex” is an abbreviation of Foreign and Exchange in which it leads to describe a contract that both an investor buys or sells. The contract refers a specific currency depreciation or an appreciation over another currency. It is the biggest and most attendant financial market in the world.
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Currency pairs indicate the reciprocal value of two different currencies. These currency pairs are divided into two groups as “major” and “minor” (or “exotic”) according to their prevalence in global markets. The currency pairs that are traded most frequently in global markets are called “major” currency pairs. Another reason these currencies are considered “major” is that the countries in which they are circulated have strong and dynamic economies. There are 7 major currencies traded in financial markets, which are the Euro (EUR), United States Dollar (USD), Japanese Yen (JPY), British Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD).
By contrast, minor currencies have lower trading volumes and are mostly preferred by local traders. The most frequently traded minor currencies are the New Zealand Dollar (NZD), South African Rand (ZAR) and Singapore Dollar (SGD). Currency pairs consisting of one major currency and one minor currency are still considered minor currency pairs. For example, the USDTRY is a minor currency pair that is most frequently traded by Turkish investors.
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