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In the market, abbreviations are used to refer to the various currencies. These can be represented by commonly used symbols or three letter codes as set by the International Organization for Standardization (ISO). The following ISO codes are used in this book:

 pound sterling (GBP)

 US dollar (USD)

 euro (EUR)

 Swiss franc (CHF)

 Japanese yen (JPY)

This group of currencies are generally referred to as the majors, based quite simply on the volumes transacted. The Australian dollar (AUD) is sometimes also included, although it normally comes under the commodity currency umbrella which includes Canada (CAD), New Zealand (NZD), South Africa (ZAR) and Norway (NOK).

In foreign exchange two currencies are always involved. The rate of exchange is the price of one currency in terms of another. For example, the relation of British pounds to US dollars will be shown as GBP/USD.