BANKING AFFAIRS

Detailed explanation-1: -Currency futures contracts also referred to as foreign exchange futures or FX futures for short, are a type of futures contract to exchange a currency for another at a fixed exchange rate on a specific date in the future.

Detailed explanation-2: -The foreign exchange (also known as forex or FX) market is a global marketplace for exchanging national currencies. Because of the worldwide reach of trade, commerce, and finance, forex markets tend to be the largest and most liquid asset markets in the world. Currencies trade against each other as exchange rate pairs.

Detailed explanation-3: -Futures are a type of derivative contract agreement to buy or sell a specific commodity asset or security at a set future date for a set price. Futures contracts, or simply “futures, ” are traded on futures exchanges like the CME Group and require a brokerage account that’s approved to trade futures.

Detailed explanation-4: -Forex, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world, with an average daily trading volume of $5 trillion.

Detailed explanation-5: -The foreign exchange market-also called forex, FX, or currency market-was one of the original financial markets formed to bring structure to the burgeoning global economy. In terms of trading volume, it is, by far, the largest financial market in the world.