When countries conduct business or engage in foreign trade by importing goods, they need to exchange their currency for the currency of the exporting country. Forex, otherwise known as currency trading, essentially revolves around placing bets on whether the currency of one country will increase or decrease in value compared to that of another. Since all transactions involve the exchange of currencies rather than commodities, the forex market is the largest and most liquid exchange in the world. It even dwarfs the stock and commodity markets in terms of volume and value.
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