Foreign Exchange refers to the exchange of one currency for another. Its abbreviation is called 'Forex' and the global market today witnesses the exchange of currencies almost all round the clock.
All currencies are quoted in pairs. Traders either go long the pair or they go short the pair. While trading in the Forex market, traders are provided with plenty of currency pairs to choose from.
The video below will offer you a better understanding of what Foreign Exchange is all about:
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