Foreign exchange market is never sleep
Foreign exchange market is never stop for holidays ! Why? because to transfer funds from one country to another, people have to convert their currency into the currency in the country of origin. Its is not only the Tourist who do the currency exchange but also the Trader. So, in the matter of currency exchange, the foreign exchange market is where this conversion take place. This is where the foreign exchange rate is determined (the price of one country’s currency over another).
With rapid development of the internet, now it is easily done through the internet. Is possible for anyone with a computer to trade in the currency market. Below is the Top 10 currency traders, % of overall volume, as at May 2009.
Other than Tourist & Trader, the list of those who involve in currency exchange are:
- Banks
- Commercial companies
- Central banks
- Speculators / Hedge funds
- Investment management firms
- Retail foreign exchange brokers
- Non-bank foreign exchange companies
- Money transfer companies
- Students study abroad
- … (you can continue with the list)
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