FIN 476. The Spot Market for FOREX. Foreign Exchange Market. currencies (FOREX) are traded in a highly liquid, global market. as the FOREX market is global, it is a 24 hour market, with a new major trading centre somewhere always open.
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The Spot Market for FOREX
the difference between the bid and ask (ask-bid) is the bid-ask spread
This mean the bid price was 1.65960 $US/£ and the ask price
was 1.66000 $US/£
Note that because the quote is $US/£, the prices are actually prices for
Bid for £ = 1.65960 $US/£
Ask for $US =
= 0.60255 £/$US
Ask for £ = 1.66000 $US/£
Bid for $US =
= 0.60241 £/$US
The same quote can be expressed as a quote for $US as:
then sold the € in Bahrain for ¥,
then sold the ¥ in Tokyo for $US