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
The Japanese Yen comes close and takes third spot for the most heavily traded currencies. About 20 percent of the daily transactions in the FOREX market involve the Japanese Yen.
4. British Pound
The British pound in most occasions is measured up against the US dollar. It accounts for 17 percent of the daily FOREX transactions.
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.
6. Australian Dollar
The Australian dollar takes no. 6 spot in our list accounting for over 4 percent of all transactions done in the FOREX market.
7. Canadian Dollar
The Canadian dollar lands on no. 7 spot for the list of the most heavily traded currencies globally. The Canadian dollar accounts for over 4 percent of all transaction in the FOREX market daily.
8. Swedish Krone
The Swedish Krone makes it in the top 10 list of the most active currencies in the FOREX market. It accounts for more than 2 percent of all the transactions that happen in the FOREX market on a daily basis.
9. Hong Kong Dollar
The Hong Kong dollar takes the 9th spot of the most heavily traded currency in the FOREX market. It accounts for almost 2 percent of the daily transactions in the FOREX market.
10. Norwegian Krone
The Norwegian Krone completes our list of the 10 most heavily traded currencies in the FOREX market. About 1.5 percent of the daily transactions in the FOREX market involve the Norwegian Krone.