SOL/USD is a traded currency pair that is steadily rising in popularity due to its enticing conversion rates. The trading pair brings together Solana, a cryptocurrency, and the U.S. dollar. Kraken's current SOL TO USD conversion rate is 1 SOL to $20.53 USD. However, the Solana and United States dollar conversion rate is subject to fluctuations due to factors like relative scarcity, supply and demand, media attention, investor sentiment, and more. With this pair, you benefit from 24/7 trading, zero swaps, and zero fees, to mention but a few.
Trading the fiber (EUR/USD) has been gaining ground rapidly, probably due to the global economic prominence of the European single market and the United States. This currency pair accounts for more than 23% of the average daily turnover of all currency exchanges.
Thanks to the daily high levels of EUR/USD transactions, the pair continues to gain more liquidity, leading to tight spreads. Tight spreads and Liquidity help entice and attract more traders as they can conduct large trades with minimal impact on the market.
Forex traders refer to the GBP/USD currency pair as the Cable because of the deep-sea cables that were involved in delivering bids and requesting quotes between New York and London. This currency pair combines the British pound sterling and the famous U.S. dollar. It mostly favors day traders who benefit from price fluctuations by getting in and out of the forex market at a precise pace.
GBP/USD seems to positively correlate with the EUR/USD and negatively correlate with the USD/CHEF. Experts attribute this to the positive correlation between the Swiss franc, the British pound sterling, and the euro.
Better referred to as the Gopher, the USD/JPY currency pair consists of the American dollar and the Japanese Yen. This pair represents about 13.5% of all the accumulative daily forex transactions.
Most traders turn to USD/JPR because of its high liquidity. This means you can trade the currency pair without excessive price fluctuation during the exchange rate. It also features the tightest spreads in the overall forex market, lowering the costs of trade.
Also known as the Aussie, the pair is a representation of the Australian dollar and the U.S. dollar. It accounts for more than 5.4% of the daily traded foreign currency. The Australian dollar value goes hand in hand with the value of its exports, with minerals and metal exports accounting for the largest share of the country’s gross domestic product (GDP). Any slight decrease in the value of these exports can impact the AUD/USD currency pair value, making the U.S. dollar stronger.
This currency pair is a combination of the U.S. dollar and the Chinese renminbi. The trading relationship between the two is commonly addressed as the Yuan. USD/CNY has a market share of about 6.6% in the daily forex trades.
This U.S.–China trade relationship continues to offer USD/CNY traders a lot of speculative trading opportunities. If you are interested in trading the Yuan, keeping up with the trends and developments in the relationship will be best, as they can impact the pair's future pricing.
A good number of viable currency pairs are available today to help forex traders realize profits. As a trader, you should perform your own fundamental and technical analysis as well as pay attention to several factors to establish the viability of a currency pair and know where to trade.