Forex is the term for the foreign exchange market or the currency market, systems by which one currency is traded in exchange for another.  On one level, forex currency trading is used by those who merely wish to swap a foreign currency for their own.  An example would be corporations which pay out wages and other expenses in different jurisdictions.  On another level, forex is used by currency traders, who trade in currencies, in a similar way to which stocks are traded.  Currency traders seek to take advantage of even the tiniest fluctuation in the values of currencies to turn a profit. 

Forex trading does not rely that much on the notion of ‘inside information’ because changes in exchange rates are typically the result of transparent monetary flows as well as global macroeconomic forecasts.  So forex news is readily available.

In the trading of one currency against another, the currencies are noted as XXX/YYY.  In this case, YYY is the international three-letter code under ISO 4217.  This currency is then expressed as the price of one unit of the currency represented by the letters XXX.  The UK pound is expressed using the symbol GBP and the US dollar is expressed using the symbol USD.  So, the value of the pound in dollar is GBP/USD; for example, 1 pound = 1.60 dollar.    
The forex market operates on an interbank basis, with no single universal exchange for trading in two particular currencies.  As such, the market is always open and all world currencies can be traded 24 hours a day.  If the European session has finished, the US and Asian sessions will be on-going.

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