Opinion on what constitutes a major currency Daweda Exchange may vary a little bit but generally there are 7 currencies considered major. These are the US dollar (USD), euro (EUR), Japanese yen (JPY), British pound (GBP), Swiss franc (CHF), Canadian dollar (CAD) and Australian dollar (AUD). These in combination give 6 major FX pairs involving the US dollar:EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD.Of course it is possible also to trade cross pairs, that is pairs of the major currencies that do not involve the US dollar. However, the 6 major pairs account for 90% of the funds traded on the Forex markets. The most traded pair is EUR/USD.

EUR/USD is probably the best pair for Forex trading, especially for a beginner. Why? There are three main reasons.First, there is very high liquidity in this market. This means that you will not have trouble getting matched and stops are likely to kick in at the right level which makes it more forgiving of errors.Second, the popularity of the pair means that the spread (your cost) is smaller than for many other pairs.Third, there is plenty of information about these currencies so you are likely to be able to keep on top of significant financial reports and events easily.

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