Live Forex rates at a glance give you the price of one currency versus another. As the FX market is so liquid, this rate changes by the second and is affected by a number of variables. The Forex market, like most other markets, is based on supply and demand and the amount of participants either buying or selling.
Therefore it is the reason these investors choose to enter to leave the market which determines its direction. These reasons can vary however normally there is an underlying sentiment on certain fundamental factors, namely geopolitical factors and central bank interest rates.
Forex rates are often represented in a chart format, which highlights the current rate and historical prices. These charts come in three types; line, bar and candlestick, with each one having its own characteristics.
Whilst you don’t need to be an expert technical analyst, it is advisable for any trader to have an understanding of these charts, even those who trade based solely on fundamentals. Follow the links below to get more information about the currency pairing you want to trade, along with a price chart that can be analysed and find out what is driving the key FX market rates, with a focus being on the major pairs.
How to use the charts
The Tradingview platform is one of the most popular piece of free charting software on the market right now. It’s easy to use, beginners will take no time at all getting used to the platform.
How to open a chart in a new window?
In the top right corner, you will find the “chart pop-up” button.
How to switch between Forex and other instruments
Click on the symbol (GBPUSD in our example), then use the tool bar or simply just type the symbol you are looking for.
How to change time frame
Next to the symbol bar is the time frame bar, you can choose from various different time frames.
How to add indicators
Click the indicators tab at the top and then choose from the list of indicators or search for the one you’re after.
How to remove indicators
Click the ‘X’ next to the indicators name on the chart
Forex Market Data
Live Cross Forex Rates
The Forex market is made up of all worldwide acknowledged currencies however the vast amount of the volume is conducted through the major currencies, the following represents the percentage of daily trades (bought or sold) in April 2019.
1. United States Dollar – USD – 88.3%
2. Euro – EUR – 32.3%
3. Japanese Yen – JPY – 16.8%
4. Pound Sterling – GBP – 12.8%
5. Australian Dollar – AUD – 6.8%
6. Canadian Dollar – CAD – 5%
7. Swiss Franc – CHF – 5%
As the stat above shows, the US dollar is the world’s most traded currency however it is also the top currency that is held as reserves by countries. China actually holds the most amount of US dollars in its reserves, it uses this to manage its own currency.
The second most traded currency is the Euro, which was introduced on the 1st of January 1999 and serves over 300 million people across Europe, however it is some way off that of the US dollar.
And the third most traded currency is the Japanese Yen, which when you think back to the second world war when the Japanese economy basically had to start from scratch, has had real growth over the last 80 years.
Learning how to trade currency pairs is not an overnight thing, which is why we always recommend you read analysis on different pairs to get a more rounded view about what is happening in that market. See below are pages on each of the major currency pairs, use these pages to analyse the market and read up to date news about each pair.