what is forex currency
Foreign exchange, commonly known as âForexâ or âFXâ, is the exchange of one currency for another at an agreed exchange price on the over-the-counter (OTC) market.Forex is the worldâs most traded market, with an average turnover in excess of US$4 trillion per day.or example, in EUR/USD, EUR is the âbaseâ currency and USD the âcounterâ currency. Forex price movements are triggered by currencies either appreciating in value (strengthening) or depreciating in value (weakening).