इस जोड़ी को बहुत अस्थिर है और वह अपने आंदोलनों की भविष्यवाणी करना मुश्किल है। कीमत में उतार-चढ़ाव अल्पकालिक और बहुत अचानक चरित्र के हैं। इस प्रकार दैनिक उतार चढ़ाव लगभग 130 पिप्स के भीतर भिन्न हो सकते हैं । कम जोड़ी तरलता (औसत आंदोलन के बारे में 30 पिप्स है ) एशियाई सत्र के दौरान ही मनाया जाता है।
कई व्यापारियों के व्यापार यूरो / अमरीकी डालर के बजाय जीबीपि/अमरीकी डालर पसंद करते हैं। एक नियम के रूप में, ब्रिटिश पाउंड , यूरो / अमरीकी डालर जोड़ी के रूप में एक ही दिशा में आगे बढ़ रहा है लेकिन हमेशा नहीं । जीबीपि/अमरीकी डालर के व्यवहार यूरो के आंदोलन से बहुत अलग कर सकते हैं – कुछ केबल समाचार विज्ञप्ति के समय में अमेरिकी डॉलर जोड़ी ( जीबीपि/अमरीकी डालर जोड़ी कभी कभी 19 वीं सदी लंदन और न्यूयॉर्क स्टॉक एक्सचेंजों के बीच संबंध ट्रान्साटलांटिक टेलीग्राफ केबल की मदद से बनाया गया था के रूप में " केबल " कहा जाता था )। उदाहरण के लिए, इंग्लैंड की ब्याज दर बदलने के बैंक पाउंड / अमरीकी डालर की दर में दिखाई देता है।
पाउंड गतिशीलता यूरो और स्विस फ्रैंक आंदोलन के समान है । पाउंड व्यापार , यह हमेशा जरूरी चौकस रहना है, के रूप में कीमत में उतार-चढ़ाव काफी विशेष रूप से आधा किलो के साथ पार दरों में हैं। ग्ब्प / उस्ड अक्सर खबर के खिलाफ जाता है , तब भी जब सब कुछ , इसकी दर नीचे जा सकती है, मुद्रा के लिए अच्छा हो रहा है।
Symbol |
Name |
Colloquial Phrase |
EUR/USD |
Euro, US dollar |
Euro |
USD/JPY |
US dollar, yen |
Yen |
GBP/USD |
pound, dollar |
Sterling or Cable |
USD/CHF |
US dollar, franc |
Swissy |
AUD/USD |
Australian dollar, US dollar |
Aussie |
USD/CAD |
US dollar, Canadian dollar |
Loonie |
NZD/USD |
New Zealand dollar, US dollar |
Kiwi |
There are so-called majors, for which around 75% of all market operations on Forex are held: the EUR/USD, GBP/USD, USD/CHF, and USD/JPY. As we see, the US dollar is represented in all currency pairs, thus, if a currency pair contains the US dollar, this pair is considered as a major currency pair. Pairs which do not include the US dollar are called cross currency pairs, or cross rates. The following cross rates are the most actively traded:
Symbol |
Name |
EUR/CHF |
euro-franc |
EUR/GBP |
euro-sterling |
EUR/JPY |
euro-yen |
GBP/JPY |
sterling-yen |
AUD/JPY |
aussie-yen |
NZD/JPY |
kiwi-yen |
GBP/USD.
Black Wednesday 1992
GBP/USD.
Black Wednesday 1992
Thus, let us consider the most outstanding events in the history of the currency pairs.
One of the most interesting movements in
Forex market history was shown by the British pound in autumn 1992, on September 16. That day is known as Black Wednesday with the British posting its biggest fall. It was mostly seen in the GBP/DEM (British pound vs Deutschemark) and the GBP/USD (British pound vs US dollar)currency pairs.
The fall of the British pound against the US dollar in the period from November to December 1992 constituted 25% (from 2.01 to 1.51 GBP/USD).
The general reasons for this "sterling crisis" are said to be the participation of Great Britain in the European currency system with fixed exchange rate corridors; recently passed parliamentary elections; a reduction of industrial output; the Bank of England efforts to hold the parity rate for the Deutschemark, as well as dramatic outflow of investors. At the same time, due to a profitability slant the German currency market became more attractive than the English one. All in all, the speculators were rushing to sell the pounds for the Deutschemarks and for the US dollars. Consequences of the currency crisis were as follows: a sharp increase of the interest rate from 10% to 15%, the British Government had to accept pound devaluation and to secede from the European Monetary System. As a result, the pound returned to a floating exchange rate.
USD/JPY.
1997 Asian financial crisis
USD/JPY.
1997 Asian financial crisis
Another intriguing currency pair is US dollar vs Japanese yen (USD/JPY). The US dollar and Japanese yen is third on the list of most traded currency pairs after the EUR/USD and GBP/USD. It is traded most actively during sessions in Asia. Movements of this pair are usually smooth; the USD/JPY pair quickly reacts to the risk peaking of financial markets.
From the mid 80-es yen ratings started rising actively versus the US dollar. In early 90-es a lively economic development turned into a standstill in Japan, the unemployment increased; earnings and wages slided as well as living standards of the country population.
And from the beginning of 1991, this caused bankruptcies of numerous financial organizations in Japan. As a consequence, the quotes on Tokyo Stock Exchange collapsed, yen devaluation took place, thereafter, a new wave of bankruptcies among manufacturing companies began. In 1995 a historical low of the USD/JPY pair was recorded at -79.80.
This started in 1997-1998 Asian crisis led to the yen crash. It resulted in a tumble of yen-US dollar pair from 115 yens per one US dollar to 150.
The global economic crisis touched almost all fields of human activities. Forex currency market was no exception. Though, Forex participants (central banks, commercial banks, investment banks, brokers and dealers, pension funds, insurance companies and transnational companies) were in a difficult position, Forex market continues to function successfully, it is stable and profitable as never before.
The financial crisis has led to drastic changes of the world's currencies values. During the crisis, the yen strengthened most of all against all other currencies. Neither the US dollar, nor the euro, but the yen proved to be the most reliable currency instrument for traders. One of reasons for such strengthening can be that the traders needed to find a sanctuary amid a monetary chaos. Other specialists explained the uprise of yen rates by refusing from carry trade deals. Thus, below there are currency changes of the major yen pairs.
The currency pair |
Value before the crisis (08/2008) |
Value after the crisis (01/2010) |
Change in % |
USD/JPY |
110.38 |
89.97 |
-18.5 |
GBP/JPY |
213.50 |
142.79 |
-33.22 |
EUR/JPY |
168.48 |
122.16 |
-27.5 |
From the table we see that yen added over 18% versus US dollar, 27.5% - against euro and 33% - versus pound. Among the most strengthened currencies the US dollar took the fourth place. Strange as it may seem, US dollar remains the most reliable currency in the world, irrespective of the advancing recession in the USA, a fall of the country's financial system, spending of $750 billion on Paulson's plan of economic recovery and the constantly growing foreign debt amounting to dozens of billions USD. Investors still rely on it. Below there is a table of currency rate changes versus the Greenback.
The currency pair |
Value before the crisis (08/2008) |
Value after the crisis (01/2010) |
Change in % |
EUR/USD |
1.5619 |
1.4328 |
-8.3 |
USD/CHF |
1.0820 |
1.0555 |
-2.5 |
GBP/USD |
1.9774 |
1.5990 |
-19.2 |
From the data above it can be seen that US dollar gained 8.3% against euro and 19.2% versus pound. Relatively yen and franc a fall was fixed. In the first case, by 18.5%, the second - by 2.5%.
Among the strengthened currencies euro took the 12th position. Negative factors were: lowering of GDP and production of the largest Eurozone countries (Germany, France and Italy), fears about recession in the EU, reports about production stagnation, inflation and huge foreign debts of EU members, in particular Portugal, Ireland, Spain and Greece. As for the latter, there is a threat of its secession from the Eurozone. The fall of euro was provoked by investors refusal from this currency in favor of safer currencies (the US dollar and the yen). The table of currency rates change versus euro is given below:
The currency pair |
Value before the crisis (08/2008) |
Value after the crisis (01/2010) |
Change in % |
EUR/CHF |
1.6352 |
1.4747 |
-8.8 |
EUR/GBP |
0.7900 |
0.8991 |
13.8 |
EUR/AUD |
1.6974 |
1.5658 |
-7.7 |
During the financial crisis the euro had weakened against the following major currencies: the US dollar - by 8.3%, the yen - by 27.5%, the franc -by 8.8% and the Aussie - by 7.7%. From all stated above, we can say that Forex market, unlike the stock and other business activities did not suffer after the global economic crisis, on the contrary, it benefited.
Many currency market participants gained, their crisis period yield rate turned to be fabulous. In such situation, many people see an escape from crisis exactly in Forex. As they often say in China: a crisis involves not only perturbations in the economy and social strain, but it is also a favourable time for investments and for numerous problems solving.