Most Common Forex Currency Pairs - Dubai

Forex rates should be keep in mind if you are going to start currency trading. The basic rule should be ‘the more you know about the currency you trade, the better.” It is quiet rare that traders trade with exotic pairs which have limited data online but still, some experienced traders do tend to play with these pairs once in a while. People who are just starting out should stick with the major pairs.
About 98% of all Forex trading in UAE is conducted with the 7 major currency pairs that follow:

• EUR/USD –  Euro vs. US Dollar,
• USD/JPY – US Dollar vs. Japanese Yen
• GBP/USD – Great British Pounds vs. US Dollar
• AUD/USD – Australian Dollar vs. US Dollar
• USD/CHF – US Dollar vs. Swiss Franc
• USD/CAD – US Dollar vs. Canadian Dollar
• NZD/USD – New Zealand Dollar vs. US Dollar

These currencies represent some of the world’s biggest economies. Considering that currencies are traded in sets, the US dollar covers about 84 percent of all foreign exchanges making this currency the universal currency in the planet. This is because the US economy is very important on a global scale as any changes in the political arena would have considerable effects worldwide.
There are some currency pairs that have high levels of liquidity compared with others because of the size of the economies they represent. As a starting point, a trader should look at the major pairs before deciding on which currency pair to trade. More liquidity means tighter spread, more predictability and more precise trade execution.
If you are looking to enter the world of online trading in Dubai , it’s crucial that you learn as much about the Forex market as you can and that should include the most common currencies traded in the Forex market. These currencies are directly reflective of what’s going on in the countries they represent and your knowledge about these can be worked into your trading strategies to realize profits.
The best currency pairs to trade are those that fit the trader’s Forex trading approach, style and preference. Search for pairs that give clear trading signals and chart patterns. In most cases, you will also need to consider the volatility, liquidity, spread, and trading range when choosing a Forex trading pair.
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