Nicknames and Market Movers of Major Forex currency pairs.
Do you know how Forex transactions work?
Each foreign exchange transaction involves the selling of one currency and the purchase of another.
Currencies are traded in pairs with the aim to profit from the appreciation or depreciation of one currency over the other.
Now, without knowing the nicknames of some major FX currency pairs, you may have hard time understanding analyses on the web.
Also, it’s important to know which economic events have significant impact to these currency pairs.
Here are some very important knowledge for Online Forex Traders.
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EUR/USD (Euro vs U.S. Dollar) – ‘Fiber’
EUR/USD is the most traded currency pair globally, as it involves the world’s first and second strongest economies, the united states and the European Union.
Major Market Movers of EUR/USD
The interest rate decisions of the Federal Reserve and the European Central Bank.
Economic Events to follow for EUR/USD
- ECB Interest Rate Decision
- European Purchasing Managers’ Indices (PMIs)
- European Consumer Price Indices (CPIs)
- U.S. economic data including the Non-Farm Payrolls, CPI, retail sales growth, interest rate announcements and PMI numbers.
GBP/USD (British Pound vs U.S. Dollar) – ‘Cable’
With the pound being the third most important reserve currency in the world (the U.S. ollar is the first), the GBP/USD pair holds great value for investors. Both currencies share a significant history together and are based on two of the oldest and robust economies in the world.
Major Maket Movers of GBP/USD
The politics of the Bank of England and the Federal Reserve.
Economic Events to follow GBP/USD
- UK Consumer Price Index
- Gross Domestic Product (QoQ)
- The UK Claimant Court
- Various PMIs (Services, Manufacturing, and Construction)
- US Economic Data
USD/JPY (U.S. Dollar vs Japanese Yen) – ‘Ninja’
The USA and JApan are known as global financial superpowers featuring strong GDP growth rate and strong importing and exporting activity, which make USD/JPY an interesting pair to trade.
Major Maket Movers of USD/JPY
Money supply by each country’s central bank.
Economic Events to follow USD/JPY
- Tokyo Core Consumer Price Index
- Japanese GDP
- Trade Balance
- U.S. Economic Data
USD/CHF (U.S. Dollar vs Siss Franc) – ‘Swissie’
USD/CHF is listed among the most commonly traded pairs in the global Forex market and its popularity is linked to the strong trade and investments ties between the U.S. and Switzerland.
Major Market Movers of USD/CHF
The politics and actions of the Swiss Central Bank and the Federal Reserve.
Economic Events to follow USD/CHF
- Swiss Consumer Price Index
- Swiss Purchasing Manager’s Index (PMI)
- Foreign Currency Reserves
- KOF Economic Barometer
- U.S. Economic Data
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