The currency market refers to the global financial market where currencies are bought and sold. It is one of the largest markets in the world, with an average daily trading volume of over $6 trillion. The currency market is also known as the foreign exchange (forex) or FX market.
In this market, countries' central banks, commercial banks, investment banks, and individual traders buy and sell currencies to either hedge their risks or make profits through speculation. Currencies are traded in pairs, such as USD/JPY (US Dollar vs Japanese Yen), where the price of one currency is relative to another.
The currency market operates 24 hours a day from Sunday evening to Friday afternoon in Asia/Australia. It's influenced by various factors including interest rates, inflation, political and economic news, and global trade flows. The value of currencies can fluctuate significantly due to these factors, providing opportunities for traders to make profits or hedge their risks.