The Forex market operates 24 hours a day, opening at 5 pm each Sunday EST and closing at 4 pm on Fridays EST. Other popular trading pairs include the Australian Dollar, Swiss Franc, Canadian Dollar and New Zealand Dollar. Dollar, British Pound, Japanese Yen, and the Euro. Most international Forex trades and payments are transacted using the U.S. The rates quoted for each currency float up and down depending on supply and demand as well as other economic or geopolitical events, thus providing the opportunity to speculate on the movement of one currency against the other. It is this exchange that drives the Forex market. The exchange rate is the price paid for one currency in exchange for another. Major banks around the world constantly exchange currencies for their customers for tourism, trade, and for their own accounts to speculate on the daily changing values of the currencies. Most trading is done in the Spot Cash market, conducted primarily by banks. Forex is the largest financial market in the world, trading some $5 trillion daily. Foreign exchange takes place when one country's currency is exchanged for another country's currency. " Forex ", also FX, is an abbreviation for Foreign Exchange.
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