Correlations play a BIG role in trading, and in Forex trading especially. As Forex traders, we trade international currencies from different countries from all around the world. Currencies are issued by central banks and are used for international trade, investing and to control economies. The value of a currency has a direct impact on an economy, the outlook for a country, commodities, stock markets and the spending behavior of
people. At the same time, currencies are influenced by many different factors such as inflation, interest rates, employment and many more. Currency Correlation serves as the absolute foundation of the Forex Market.
Knowing what the most important currency correlations are before starting your trading day eases the process of creating a Market Watch-list. Knowing how to identify these correlations will minimize your risk of trading day-to-day.
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