As of 2013, there are approximately 150 currencies in the world, but not all of them are actively traded.
More than 85% of FX deals involve US dollar.
The most actively traded currencies are: US dollar, European euro, Japanese yen, British pound, Swiss franc, Australian dollar and Canadian dollar.
Because most currencies are quoted against US dollar, it may be necessary to calculate the cross rates for currencies other than the dollar.
Suppose that the European quote for the Japanese yen and the Southern Korean wons are as follows:
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