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What is the value of EUR (Euro) / GBP (British Pound Sterling) on Monday May 31, 2021

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Ready for the mid-market exchange rate of EUR (Euro) / GBP (British Pound Sterling) for Monday May 31, 2021?

The current rates for EUR (Euro) / GBP (British Pound Sterling) are available in this article. As a top finance news site the Born2Invest team has analysed the latest forex market data to bring you live information that enables you to make the right forex trading call every day.

Monday May 31, 2021 1 EUR (Euro) is 0.860241 of GBP (British Pound Sterling) .

Remember to always trade using a reputable broker. It’s also possible to apply many forex concepts to cryptocurrency trading.

Forex pairs explained

Forex trading is inherently risky and there are countless forex pairs to choose from. The only way to make a profit from forex trading is to understand how the market works. Luckily for you the Born2Invest forex team has collated some forex trading tips to get you started.

Forex trades are always made using currency pairs. Whenever you buy one currency you are selling another. In every pair there is a base currency, for example EUR (Euro) and a quote currency, which would be GBP (British Pound Sterling).

The price of a currency pair represents the amount of quote currency, or GBP (British Pound Sterling), that you will need to spend in order to purchase a single unit of EUR (Euro), the base currency. So using the current example you would need to spend 0.860241 of GBP (British Pound Sterling) in order to purchase 1 EUR (Euro).

The three types of forex pairs

Forex pairs can be grouped into three main categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies are the most commonly traded currencies on the market. Different publications will use different criteria but pretty much every list will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • ll Commodity currencies are currency pairs that are closely linked to commodities such as oil, iron ore, and coal. Common examples include AUD/USD and USD/CAD
  • Cross currencies include all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.

What are the most traded forex pairs in the world?

  1. EUR/USD (Euro/US Dollar)
  2. USD/JPY (US Dollar/Japanese Yen)
  3. GBP/USD (British Pound Sterling/US Dollar)
  4. AUD/USD (Australian Dollar/US Dollar)
  5. USD/CAD (US Dollar/Canadian Dollar)
  6. USD/CNY (US Dollar/Chinese Renminbi)
  7. USD/CHF (US Dollar/Swiss Franc)
  8. USD/HKD (US Dollar/Hong Kong Dollar)
  9. EUR/GBP (Euro/British Pound Sterling)
  10. USD/KRW (US Dollar/South Korean Won)

How is cryptocurrency trading different from forex trading?

Cryptocurrency trading shares many similarities to forex trading. Specifically the concepts of currency pairs and high price volatility. That being said there are some key differences. Cryptocurrencies don’t operate like fiat currency and many are tied to a project or product. The crypto market is also highly unregulated, which makes it inherently risky compared to trading forex.

Additionally most cryptocurrency trades happen on exchanges. These are generally unregulated and come with a certain degree of risk that many investors would find unacceptable. One alternative is to trade using a CFD broker which allows crypto pairings, but this means you will not directly own and cryptocurrency you buy.

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