OEL provide a currency's value exchange to another country's currency, such as the U.S. dollar, or even to a basket of currencies.
Foreign exchange, or forex, is the conversion of one country's currency into another.
In a free economy, a country's currency is valued according to the laws of supply and demand.
The economic factors include a government's economic policies, trade balances, inflation, and economic growth outlook.
Political conditions also exert a significant impact on the forex rate, as events such as political instability and political conflicts may negatively affect the strength of a currency. The psychology of forex market participants can also influence exchange rates.
Many factors can potentially influence the market forces behind foreign exchange rates. The factors include various economic, political, and even psychological conditions.
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