What is FOREX?
The Foreign Exchange Market, better Known as FOREX, was established in 1971 when fixed currency exchanges were abolished.
Currencies became valued at ‘floating’ rates determined by supply and demand. The FOREX grew steadily throughout the 1970’s, but with the technological advances of the 80’s FOREX expanded from trading levels of $70 billion a day to the current level of $2.6 trillion.
What Drives the forex market?
Different countries use different currencies, however cross-border has to take place. The FOREX is therefore a vehicle driven by the need to move monetary payments across border and transfer funds and value from one currency to another.
If the whole world used one currency there would be no need for the FOREX market .
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