The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest market in the world, in terms of cash value traded, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions.

The trade happening in the forex markets across the globe currently exceeds US$1.9 trillion/day (on average). Retail traders (individuals) are currently a very small part of this market and may only participate indirectly through brokers or banks.

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Factors affecting currency trading:

Economic factors (Government budget deficits or surpluses, Balance of trade levels and trends, Inflation levels and trends)

Political conditions (Internal, regional, and international political conditions and events can have a profound effect)

Market psychology (Perhaps the most difficult to define, market psychology and trader perceptions influence the foreign exchange market in a variety of ways)

Market participants:

Banks

Commercial companies

Central banks

Investment management firms

Hedge funds

Retail forex brokers

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FOREX

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