Trade your opinion on the global stage
Have an opinion of the US dollar but not sure how to turn that opinion into a trade? Try FXCM's Currency Baskets, available exclusively on Mirror Trader. Currency Baskets can make trading less difficult, which means new and less-experienced traders can get started in the forex market with more confidence.
How does it work?
Trading Currency Baskets starts with your broad opinion on a currency, like the US dollar.
Assume you think the US dollar broadly speaking is undervalued and will appreciate in the future. How do you express that opinion?
You could sell euros and buy US dollars, trading EUR/USD. But EUR/USD is a very narrow trade — you are simply comparing the US dollar to the euro.
Narrow view: A single EUR/USD trade represents only 28% of all USD transactions and leaves the eurozone economy largely in control of the outcome.
What's your opinion?
If you have a bullish opinion on a currency and think it is undervalued, you can buy the currency basket. If you have a bearish opinion on the currency and think it is overvalued, you can sell the currency basket.
AUD/JPY, AUD/USD, EUR/AUD, GBP/AUD