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Forex. The mainstream business, the biggest market on earth today. It has a daily turnover of more than 2.5 trillion US$ (more than 100 times greater than NASDAQ), and it's still growing.

The forex trading, also referred to as the forex trading market, is the largest financial market in the world, with a daily average turnover of approximately US$1.3 trillion. Forex is the simultaneous buying of one currency and selling of another. The world's currencies are on a floating exchange rate and are always traded in pairs, for example EURO/USD or USD/CHF.

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Australian dollar shows mixed trading against majors

During early Asian deals on Wednesday, the Australian dollar showed strength against the currencies of US, Japan and Canada. But the Aussie lost ground against the European currency.

In economic news, retail sales in Australia rose in November by a seasonally adjusted 0.4 percent. The Australian Bureau of Statistics reported today that trend retail sales increased by 0.1 percent on month. The trend figure further smoothes the seasonally adjusted figure.

Against the US dollar, the Australian currency edged higher during early Asian deals on Wednesday. At 7:10 pm ET, the aussie-dollar pair reached a high of 0.7231, compared to 0.7234 hit late New York Tuesday. The pair is currently trading at 0.7220.

The Australian dollar that closed Tuesday’s North American session at 67.75 against the Japanese yen climbed to 67.94 during Wednesday’s early Asian deals. The aussie-yen pair is now worth 67.81.

The Aussie that strengthened to 1.8649 against the European currency at 8:30 pm ET lost ground thereafter. The Australian currency that closed Tuesday’s New York deals at 1.8724 against the euro is currently trading at 1.8746.

Against its Canadian counterpart, the Australian dollar showed strength during Wednesday’s early Asian deals. At 7:40 pm ET, the aussie-loonie pair hit a high of 0.8574, compared to Tuesday’s closing value of 0.8568. The pair is now worth 0.8552.

In the European session today, the German wholesale price index and unemployment rate, Italian services PMI and the Euro-Zone PPI are due for release.

The US challenger job cuts, ADP employment change are the major economic releases expected in the New York session.

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