Forex Top Ten Traded Currencies in 2007

2007 was an interesting year for the global financial markets. Forex or foreign exchange was no different. In a year where we saw unprecedented highs and unprecedented lows for currencies. Some things remained consistent.

The USD Dollar remained the most traded currency in the world in 2007. However, the Euro gained slight ground, but remains a strong second. A newcomer to third place over the past few years is the Japanese Yen. Forth place now belongs to the British Pound.

Note: The number one forex currency pair for 2007 was the EUR/USD - a currency pair consisting of the number one and number two most traded currencies in global currency exchange.

As trends and statistics are tools for forex traders, this top ten list is presented to provide additional information to use in your overall forex arsenal.

Top 10 Traded Forex Currencies in 2007

1. USD
2. EUR
3. JPY
4. GBP
5. CHF
6. CAD
7. AUD
8. SEK
9. HDK
10. NOK

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Forex Trading for the currency trader whose only goal is to make money!

Forex ponderings - Will the US Dollar loose its place in the world?

The US dollar continues to drop and lose value against other major currencies. While the dollar has been considered the world's reserve currency for decades, growing concern rises as to whether the US dollar will be able to maintain that status. Pressure from both record gold and oil prices further depresses the value of the dollar.

Last week, vice chairman of China's National People's Congress, Cheng Siwei, suggested that China might diversify away from the dollar favoring "stronger currencies over weaker ones" through their foreign exchange reserve policies. This coupled with rising energy and commodities prices increases the likelihood of possibly the dollar loosing ground on the world stage.

However, the dollar has faced challenges before. The US dollar like its people is quite resilient. Forex traders have been aware of the trends with the US dollar for quite some time looking for profit opportunity on the upside as well as the downside. Global economic events surrounding the dollar should not go unnoticed for those involved in forex trading.

For more information about forex trading for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


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Yen and Swissy take center stage in forex market

Last week's Fed announcement on Wednesday sent additional ripples through the currency market. The US dollar fell to decades' lows against many other major currencies including the Euro, Canadian dollar, the Australian dollar and the British pound. However, the Yen and Swiss franc were bolstered during the week. Interestingly, the strength in the swissy and yen cross currencies, helped the US dollar cross currency pairs recover a bit by week's end.

Additional economic news in the coming week may prove interesting for forex traders. With gold and oil continually reaching new highs, global pressure on the dollar should remain strong. Those wishing to profit from forex trading may particularly want to watch the swiss franc and yen over the coming month.

For more information about forex for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


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USD - October's Profit Opportunity for Forex Traders

Yesterday's Fed announcement to cut the federal funds rate a quarter point created a terrific profit opportunity for Forex traders shorting the US dollar. The US dollar continues to fall to records lows against all of the major world currencies.

What was the impact of the news? The British pound was trading at 2.0785 before the news and soared to 2.0821 after the announcement. The euro was trading at 1.4459 before the news and then peaked to 1.4504 just after the announcement. The dollar dropped to a 23-year low against the Australian dollar and to a 40-year low against the Canadian dollar. Across all of these currencies, there continued to be major movement throughout Wednesday. Commodity linked currencies rose in parallel with gold and oil and were further supported by the Fed's action. For forex currency traders, all of this represented major pip movement. All of the USD related currency pairs provided profit opportunity if you traded it accordingly.

If you read our last blog, then you were positioned to profit and make money from this announcement. Based on the Fed's announcements additional opportunities still exist on trading the dollar for the remainder of the year as the financial markets adjust.

For more information about forex for novice to advanced traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


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Forex Trend - US Dollar at Historic Lows

The US dollar continues to trade at historic lows as compared to other currencies. This is in sharp contrast to the broader stock and commodities markets. The record high price of oil per barrel affects the dollar as well. The Fed decision this Wednesday may have a huge impact on how the dollar performs for the remainder of the year. Forex traders can benefit from this knowledge by planning their trades accordingly. Wednesday should serve as a big news days for currency traders trading the US Dollar. For those paper trading, be sure to make note of the impact of a news announcement like this on all of the majors and USD currency pairs. While most of the news' impact has already been built into the price, this remains one to watch. As always, use this knowledge to learn, make money and profit.

For more information about forex for novice to advanced traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


Technorati tags : forex, forex trading, currency, currency trader, currency pairs, learn forex, make money, forex trading essentials, global currency exchange, trade currencies, forex broker, forex trading systems