Forex markets are platforms wherein banks, governments, businesses, traders, and investors meet to buy and sell foreign exchange or forex for short. Forex markets are open for business 5 days a week and 24 hours a day.
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Important forex markets are located in New York, London, Zurich, Tokyo, Hong Kong, Frankfurt, Sydney, Singapore, and Paris
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Back in 1876, the gold standard system was set up which made it mandatory for all nations to back their currencies with solid gold