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Important Currencies

There are hundreds of currencies in the world today, and dozens are available to be traded. Only a few currencies, however, make up the vast majority of trades. They are called the majors, and they include the U.S. dollar, the euro, the yen, the British pound, and the Swiss franc.

The U.S. Dollar

The U.S. dollar, despite not being immune to fluctuation, remains the cornerstone of the world economy. Oil is paid for in dollars, and virtually all foreign banks hold large dollar reserves as security. The dollar is the most heavily traded currency in the world. The size of the American government budget deficit and trade deficits put tremendous downward pressure on the dollar in 2003 and 2004.


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