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Chapter 3. Currency designation in the Forex market

In the physical retail market, we sell goods for money. How does it work in the forex market, where the money is a commodity? It is simple: in the Forex market, we trade one currency against the other. It means that several units of one currency are offered for another. The International Organization for Standardization assigns a code to each currency. The first two letters of the code stand for the country of origin, and the third letter is usually (but not always) the initial letter of the currency. For example, JPY abbreviation can be decoded as JP for Japan and Y for the yen. Despite the popularity of the euro on Forex, the US dollar maintains its status of the global reserve currency. Trading volumes in different currencies are not the same.

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