G10 Currencies: What They Are and How They Influence the Forex Market
G10 Currencies definition
The G10 currencies are the US Dollar, Euro, Japanese Yen, British Pound, Swiss Franc, Australian Dollar, New Zealand Dollar, Canadian Dollar, Swedish Krona, Norwegian Krona. The G10 currencies and their symbol is listed below:
- US Dollar (USD)
- Euro (EUR)
- Japanese Yen (JPY)
- British Pound (GBP)
- Swiss Franc (CHF)
- Australian Dollar (AUD)
- New Zealand Dollar (NZD)
- Canadian Dollar (CAD)
- Swedish Krona (SEK)
- Norwegian Krona (NOK)
The G10 currencies are the ten most heavily traded currencies in the world. Different economic and financial factors affect each currency, however G10 currencies are grouped into two categories: commodity related currencies and non-commodity related currencies.
The currencies which are commodity related are: Australian Dollar (AUD), New Zealand dollar (NZD), Canadian Dollar (CAD), Norwegian Krone (NOK). The Canadian Dollar (CAD) and Norwegian Krona (NOK) are closely correlated on the price of crude oil because these countries are major crude oil producers and exporters. The Australian Dollar is closely correlated with industrial metals since Australia is a major metal exporter.