Explain the features of ‘Foreign Exchange Market’ and discuss the economic variables that impact Exchange Rates.

The Foreign Exchange Market (Forex or FX market) is a global decentralized or over-the-counter (OTC) market for trading currencies. It is the largest and most liquid financial market in the world, facilitating the exchange of currencies between various participants, including banks, financial institutions, corporations, governments, and individual traders. The primary purpose of the foreign exchange market is to facilitate international trade and investment by allowing entities to convert one currency into another.

Features of the Foreign Exchange Market:

1. Decentralization: The forex market is decentralized, meaning that there is no central exchange or physical location. Instead, it operates electronically through a network of banks, brokers, and other financial institutions.

2. 24-Hour Market: Forex trading occurs 24 hours a day, five days a week, across different time zones. This ______ ________ ____ _______ ______ ____ __________ __________ _________ ___ __________ ___.
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