Length : 2.30 Minutes 

"Major", "Minor", and "Exotic" Currencies?

Major currencies are the most traded currencies in the FX market. They are generally sufficiently liquid to be readily convertible to the currency of other nations. Major currency is most often associated with politically stable, highly industrialised nations. 

The following 8 currencies are regarded as major currencies:

  1. USD   (United State Dollar)

  2. EUR   (Euro)

  3. JPY   (Japanese Yen)

  4. CAD  (Canadian Dollar)

  5. GBP   (Great Britain Pound)

  6. CHF   (Swiss Franc)

  7. AUD  (Australian Dollar)

  8. NZD   (New Zealand Dollar)

 

These 8 currencies are the currencies against which most other world currencies are valued. Major currency pairs refer to any pair containing one of the currencies listed above and the US Dollar, so while there are eight major currencies, there are only seven major currency pairs. 

 

Minor Currencies:

 

Minor currency pairs include any two of the major currencies apart from the USD.

Below is the list of some of the famous minor currency pairs traded by traders:

1) EUR/JPY   (Euro-Japanese Yen)

2) EUR/GBP   (Euro-British Pound)

3) EUR/CHF   (Eur0-Swiss Franc)

4) CAD/JPY   (Canadian Dollar-Japanese Yen) 

5) AUD/JPY   (Australian Dollar-Japanese Yen)

6) GBP/CHF   (British Pound-Swiss Franc)

7) GBP/NZD   (British Pound-New Zealand Dollar)

 

Exotic Currencies: 

 

Exotic currencies are any currencies not mentioned already. Some like the Hong Kong Dollar (HKD) and Norwegian Krone (NOK) are fairly liquid, some like the Mexican Peso (MXN) and Thai Baht (THB) are less liquid, and others like the Malawian Kwacha (MWK) and Laos Kip (LAK) have very little liquidity.

Exotic pairs are those that include one major currency and one exotic currency.

Below are the list of some the exotic pairs:

 

  1. USD/HKD  (United State Dollar-Hong Kong Dollar)

  2. USD/SGD  (United State Dollar-Singapore Dollar)

  3. USD/MXN  (United State Dollar-Mexican Peso)

  4. USD/TRY   (United State Dollar-Turkish Lira)

  5. USD/ZAR   (United State Dollar-South African Rand)

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Risk Warning: : Trading Contracts for Difference (CFDs) on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade Contracts for Difference (CFDs), you should carefully consider your trading objectives, level of experience and risk appetite. It is possible for you to sustain losses that exceed your invested capital and therefore you should not deposit money that you cannot afford to lose. Please ensure you fully understand the risks and take appropriate care to manage your risk.

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