What is forex ?
Concluding part...
BRIICS
BRIICS is the acronym coined for the association of five major emerging national economies: Brazil, Russia, India, Indonesia, China, and South Africa.
Originally the first four were grouped as “BRIC” (or “the BRICs”). BRICs was a term created by Goldman Sachs to name today’s new high-growth emerging economies.
BRIICS is the term created by the OECD, when it added Indonesia and South Africa.
COUNTRYCURRENCY NAMECURRENCY CODEBrazilrealBRLRussiarubleRUBIndiarupeeINRIndonesiarupiahIDRChinayuanCNYSouth AfricarandZAR
Summary
Whew! That was a lot of information on currencies but you just raised your FX IQ points! 🧠
Let’s summarize what you’ve learned in a series of questions:
What is a currency pair in forex?
A currency pair is a pairing of currencies where the value of one is relative to the other. For example, GBP/USD is the value of the British pound relative to the U.S. dollar.
What are the major currency pairs?
Major currency pairs (“majors”) are those that include the U.S. dollar and the most frequently traded. There are seven of them: EUR/USD, USD/JPY, GBPUSD, USD/CAD, USD/CHF, AUD/USD, and NZD/USD.
What are the currency crosses?
Currency crosses (“crosses”) are the more frequently traded currencies that do NOT include the U.S. dollar in their pairing. Crosses include EUR/GBP, EUR/CAD, GBP/JPY, EUR/CHF, EUR/JPY, etc.
How many currency pairs exist?
There are HUNDREDS of currency pairs in existence but not all can be traded in the FX market. The United Nations currently recognizes 180 currencies. If you were to pair each currency up with another, it’s a lot.
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