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Foreign exchange market is a global network of banks, brokers, and foreign exchange dealers connected by electronic communications systems. most transactions involve dollars on one side.
What is Foreign exchange market?
A global decentralized or over-the-counter (OTC) market for the trading of currencies is known as the foreign exchange market (Forex, FX, or currency market). For every currency, exchange rates are set by this market. It covers all facets of purchasing, selling, and exchanging currencies at established or current rates. It is by far the biggest market in the world in terms of trade volume, followed by the credit market.
The bigger international banks are the key players in this industry. With the exception of weekends, financial hubs all over the world serve as the focal points for trading between a variety of different types of buyers and sellers. Due to the fact that currencies are usually traded in pairs, the foreign exchange market establishes a currency's relative worth rather than its absolute value by establishing the market price of one currency when purchased with another.
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