Posted on 08 June 2009.
One good way of determining the top 10 currencies that everyone wants is by looking at how these currencies are performing in the FOREX market. The foreign exchange market is the trading medium where businesses, individuals and banks trade currencies and earn from their investments. There are presently three foreign exchange market; The US, Asia and Europe. What is unique about these markets is that we have at least one that is running within the 24-hour cycle on weekdays.
There are ten major currencies which form the circle of ten most heavily traded currencies in the FOREX market.
1. United States Dollar
The US dollar is the hands down most dominant currency unit today. In fact, all currencies are measured using US dollar as the standard. In quantified terms, about 90% of transactions worldwide involve the US dollar. This is a testament not only of the importance of the currency but also of the clout and influence of the US economy in the global scene.
2. The Euro
This regional currency is the sign of the times. It is one concrete indication at how the future economies will take shape. The Euro is defined as the regional currency of multiple economies among of which include Germany. Germany is the most active country in the FOREX market among all countries that uses the Euro currency. The Euro takes second spot right behind the US dollar as the most heavily traded currency in the FOREX market. It accounts for almost 37 percent of the daily transactions in the FOREX market.
3. Japanese Yen
4. British Pound
5. Swiss Franc
As expected, the Swiss Franc makes in to the round of top 5 most heavily traded currencies in the FOREX market. About 6 percent of the daily transactions in the FOREX market involve the Swiss Franc.