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A. Read the text, ignoring the missing parts. (1) , where people buy and sell foreign currency, also referred to as the “Forex” or “FX” market, (2)

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…(1)… , where people buy and sell foreign currency, also referred to as the “Forex” or “FX” market, …(2)… , 30 times larger than the combined volume of all US equity markets.

Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY).

…(3)… . About 5% of daily turnover is from companies and governments that buy or sell products and services in a foreign country or must convert profits made in foreign currencies into their domestic currency. …(4)… , or speculation.

For speculators, the best trading opportunities are with the most commonly traded (and therefore most liquid) currencies, called “the Majors”. …(5)… , which include the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar.

Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. …(6)… , and investors can respond to currency fluctuations caused by economic, social and political events at the time they occur – day or night.

…(7)… , due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network.

b. Look at the missing parts A-H and fit them in the gaps. There is one extra you don’t need.

A The other 95% is trading for profit
B is the largest financial market in the world
C It’s a 24-hour market
D The Foreign Exchange market
E The FX market is considered an Over The Counter (OTC) or “interbank” market
F Today, more than 85% of all daily transactions involve trading of the Majors
G There are two reasons to buy and sell currencies
H Foreign money held by a government to support its own currency

C. Find words or word combinations in the text that mean the following.

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