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Foreign Exchange

Foreign exchange is, simply, the trading of one kind of currency for another. The foreign exchange market has no central exchange, and is run primarily 'over-the-counter' by banks, companies and ordinary people who are constantly trading currencies. Investors and entrepreneurs can respond instantly, 24 hours a day, to changes in the foreign exchange market, which are invariably affected by economic, social and political occurrences.

There isn't a single exchange rate, but rather a number of different rates or prices depending on what banks or market makers are trading, and where they are doing so.

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