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Because currencies are traded in pairs and exchanged one against the
other when traded, the rate at which they are exchanged is called the
exchange rate. The majority of the currencies are traded against the US
dollar (USD). The four next-most traded currencies are the Euro (EUR),
the Japanese yen (JPY), the British pound sterling (GBP) and the Swiss
franc (CHF). These five currencies make up the majority of the market
and are called the major currencies or "the Majors". Some sources also
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