The Best Currencies for Trading in the Forex
Since currency trading is the name of the game in the world of the foreign exchange, it is just logical for a forex trader to know which currencies are the most profitable to trade and why. Becoming familiar with the best currency to trade in the forex market is the most important thing a forex trader has to accomplish to profit effectively from the currency exchange business.
This process of identifying the best currency to trade in the forex used to be an easy task because there is only one currency to look out for in the market: the US dollar. The supremacy of the dollar in the currency exchange market is a thing of the past however as several other currencies emerged to be as profitable, if not more, than the US dollar.
Foremost of these contenders for the title of the best currency in the foreign exchange is the euro, the currency of the European Union. Since its birth, the euro has become a major player in the foreign exchange market and this is hardly surprising as the core currencies that formed the euro are powerhouse currencies in their own right such as the French franc and the German mark.
With these merge, the euro became a currency strong enough to take on the US dollar and become a currency to watch out for in international financial markets such as the foreign exchange. This makes the euro an essential trading currency for forex traders especially to those who are intending to profit considerably in the foreign exchange business.
The British pound is another currency that is worthwhile to trade in the forex market. The United Kingdom decided not to merge the British pound with the euro and the decision proved to be a good one since the British pound has proved to be a more resilient currency than the US dollar when it comes to going toe to toe against the euro.
The pound has always been one of the highest-valued currencies in the world, causing it to be one of the most profitable currencies which makes it a member of the best currency list in the foreign exchange market.
Aside from these proven currency powerhouses, there are other currencies that are emerging to be the best currency for trading as well. Prime examples of these currencies are the Australian and Canadian dollar, both of which were non-major players in the market in the past. Though not growing as fast and as steadily as the euro, these two has shown that they have nowhere to go but up, making them one of the primary currencies to look out for.
The currencies listed here are not the only ones that are beneficial for traders. There are some more and this goes to show that there is no single best currency for trading in the forex market which is good as having a single most profitable currency will result in a stagnant and moribund foreign exchange market which is the complete opposite of what it actually is now.