In the past decades, traders used to exchange coins across different countries. However, foreign exchange has undergone some extreme transformations over the years. Trading volume has increased rapidly over time, especially after exchange rates were allowed to exist independently. In recent times, firms buy and sell products from more than just one local or national markets. Generally, a firm’s supplier is located in a different country. In order to make purchases and sell their own goods internationally, firms need to change units of one currency for units of another currency. The desire to perform a transaction internationally provides the motivation for a large, well-functioning market that facilitates such currency conversions and allows global economic integration and trade to take place smoothly and quickly at a low cost. Both, by volume of trade and ease of making transactions, currency markets are considered as the world’s deepest, most liquid markets. Due to signif...