Discuss the functioning of foreign exchange markets.
The foreign exchange (Forex or FX) market is a global decentralized marketplace for the trading of currencies. It plays a pivotal role in international business, allowing businesses and investors to exchange one currency for another. Here's a discussion of the functioning of foreign exchange markets:
1. Participants: The FX market involves a diverse range of participants, including commercial banks, central banks, multinational corporations, institutional investors, retail traders, and governments. These entities engage in currency trading for various purposes, such as trade, investment, speculation, and risk management.
2. Currency Pairs: Currencies are quoted in pairs, where one currency is exchanged for another. The first currency in the pair is the base currency, and the
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