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According to the estimates by IMARC Group, the global foreign exchange market is expected to grow at a CAGR of 7.3% during 2022-2027.
The foreign exchange market provides 24x7 trading opportunities, enormous trading volume, and high transactional transparency, that are currently driving the global foreign exchange market.
Numerous technological advancements have led to the wide availability of outright forward and currency options, thereby representing one of the key trends in the global foreign exchange market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations. This has negatively impacted the foreign exchange market due to the declining performance of the registered industries and restricted amount invested in the exchange.
On the basis of the counterparty, the market has been classified into reporting dealers, other financial institutions, and non-financial customers. Amongst these, reporting dealers hold the largest market share.
On the basis of the type, the market has been categorized into currency swap, outright forward and FX swaps, and FX options. At present, currency swaps exhibit a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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