WHAT IS IT FOREX HOW DO CURRENCY PAIRS WORK?
A currency is a foreign currency. In this case, the Argentine peso is the national currency and all international units are currencies such as the dollar, the euro or the Russian ruble.
It is important to note that the currency exchange market was created in order to favor the coverage of the monetary flow derived from international trade. That is, to consider the best option and the right time for the exchange.
Currency pairs appear under the following denomination EUR/USD (euro/US dollar). It varies according to the currencies that are exchanged. In the example above, the base currency is the euro and the counter currency is the US dollar. The first is the one that fixes the exchange rate between the two.
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Within Forex, assets are divided into: Major or Major Currency Pairs, Cross Currency Pairs, Exotic Currency Pairs, and Russian Ruble. The former are the most traded currencies in the world and all pairs include the US dollar as EUR/USD (euro and dollar), USD/JPY (dollar and Japanese yen).
The second, cross-currency pairs, are also major currencies that are traded, but the US dollar does not appear in either case. Some are: EUR/GBP (Euro and British Pound), AUD/JPY (Australian Dollar and Japanese Yen), AUD/JPY (British Pound and Yen) or AUD/CHF (Australian Dollar and Swiss Franc).
Exotic pairs are made up of one major currency and one from a developing country such as EUR/RUB (Euro and Russian Ruble), EUR/MXN (Euro and Mexican Peso), or EUR/NOK (Euro/Norwegian Krone). Last and apart is the Russian ruble that is exchanged with the US dollar or the euro.
