How Foreign Exchange Prices Work

For the people who are new to the forex market, it's hard to imagine giving a price for a currency in another currency. However, it's much easier to understand currency value as what we can exchange it for. Let us have a very simple example, as you know 1 British Pound is enough to buy a bottle of Coca cola. How can traders know that 1 pound is equal 1.5 US Dollars, 10 Chinese Yuan or 1.2 Euro ?

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