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| Currencies | Nowadays there are few major currencies that take part in more than 85% of all currency exchange  transactions/ They are:
- US Dollar (USD),
- British Pound (GBP)
- Japanese Yen (JPY)
- Euro (EUR), Swiss Frank (CHF)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
Almost all the time the currencies are exchanged for the US Dollar.
The exchange rate between two all currencies except dollars are called cross rate. Trading between such two currencies usually is carried out in two steps:
- exchanging one of them for the US Dollar
- exchanging the US Dollar for the second non-dollar currency.
This is the reason why the difference in the exchange rate between two non-dollar currencies is usually higher. (The non-dollar currencies like GBP/EUR or EUR/CHF. are traded directly.)
Such directly traded currency pairs as EUR/USD, EUR/JPY, USD/JPY, EUR/GBP, USD/CAD, GBP/USD, USD/CHF, AUD/USD, and AUD/JPY take the biggest share of the trading volume and, therefore, are regarded as the most important ones.
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