Lesson 1

Question 1

What are the major currencies?

Answer 1

USD,
EUR,
JPY,
GBP,
CHF,
AUD,
NZD,
CAD

Question 2

What are the commodity currencies? Name them

Answer 2

AUD,
NZD,
CAD

Question 3

An ………….. is the relative price of two currencies from two different countries.

Answer 3

exchange rate

Question 4

Or in forex trading terms, assuming you’re an American visiting Japan, you’ve ………. dollars and …………. yen.

Answer 4

sold / bought

Question 5

The foreign exchange market, which is usually known as “……….” or “……,” is the largest financial market in the world.

Answer 5

forex / FX

Question 6

In the FX (foreign exchange) market, ……………… are individual investors who trade currencies with the goal of making a profit from the fluctuations in exchange rates.

Answer 6

retail traders

Question 7

Some divide the 8 currencies into major currencies & ………………. currencies.

Answer 7

commodity

Question 8

They’re called “…………………….” because they’re the most heavily traded currencies and represent some of the world’s largest economies.

Answer 8

major currencies

Question 9

What is the 3 code for US Dollar

Answer 9

USD

Question 10

What is the 3 code for Euro

Answer 10

EUR

Question 11

What is the 3 code for Yen

Answer 11

JPY

Question 12

What is the 3 code for Pound

Answer 12

GBP

Question 13

What is the 3 code for Franc

Answer 13

CHF

Question 14

What is the 3 code for Canadian Dollar

Answer 14

CAD

Question 15

What is the 3 code for Australian Dollar

Answer 15

AUD

Question 16

What is the 3 code for New Zealand Dollar

Answer 16

NZD

Question 17

What is the nickname for US Dollar

Answer 17

Buck

Question 18

What is the nickname for Euro

Answer 18

Fiber

Question 19

What is the nickname for Yen

Answer 19

No Nick Name
Just: Yen

Question 20

What is the nickname for Pound

Answer 20

Cable

Question 21

What is the nickname for Franc

Answer 21

Swissy

Question 22

What is the nickname for Canadian Dollar

Answer 22

Loonie

Question 23

What is the nickname for Australian Dollar

Answer 23

Aussie

Question 24

What is the nickname for New Zealand Dollar

Answer 24

Kiwi

Question 25

An exchange rate is basically the price of one country's currency in terms of another country's currency. Think of it like swapping currencies; if you want to exchange your money for another country's money, the exchange rate tells you how much of the foreign currency you'll get for yours. For example, if the exchange rate from dollars to euros is 1.10, it means that 1 dollar will get you 1.10 euros.

Answer 25

FYI

Question 26

There are three categories of currency pairs:

Answer 26

The “majors“ The “crosses“ The “exotics“

Question 27

Majors pairs include the …............ paired with other major currencies like the Euro (EUR), Japanese Yen (JPY), British Pound (GBP)

Answer 27

US Dollar

Question 28

Minors or Crosses are currency pairs that do not include the US Dollar. Instead, they are made up of other …....................

Answer 28

major currencies

Question 29

Exotics pairs include one major currency paired with the currency of an ….............. or a smaller but still significant …...........

Answer 29

emerging economy / market

Question 30

Name 7 Majors currency pairs

Answer 30

USD/CAD USD/CHF USD/JPY GBP/USD EUR/USD AUD/USD NZD/USD

Question 31

Out of the three categories of currency pairs majors, crosses, and exotics which one of them has the price move more frequently?

Answer 31

Majors

Question 32

Liquidity is used to describe the level of …........... in the financial market.

Answer 32

activity

Question 33

The …............. are the most liquid in the world.

Answer 33

majors

Question 34

In forex, liquidity is based on the number of active traders buying and selling a specific currency pair and the volume being traded.

Answer 34

FYI

Question 35

The more frequently traded something is the higher its liquidity.

Answer 35

FYI

Question 36

What is the difference between EUR/USD and USD/EUR?

Answer 36

EUR/USD indicates how many US dollars (USD) are needed to buy one euro (EUR), with the euro as the base currency and the dollar as the quote currency. USD/EUR shows how many euros (EUR) are needed to buy one US dollar (USD), with the dollar as the base currency and the euro as the quote currency.