Question 1: The Table below shows the end-of-year exchange rates for Trinidad & Tobago, Jamaica, Barbados and the United Kingdom with respect to the US dollar (units of home currency per unit of foreign currency). 2000 2005 2010 2015 Trinidad & Tobago 6.23 6.24 6.23 6.24 Jamaica 42.22 59.37 85.55 115.24 Barbados 2 2 United Kingdom 0.66 0.55 0.65 0.68 (a) Calculate the exchange rate of the Trinidad & Tobago, Jamaica and Barbados dollars with respect to the British pound.

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Currency Market

The currency market, also known as the foreign exchange market, consists of currencies worldwide. This market determines the rate of all currencies based on the buying and selling of forex. It is an over-the-counter market. It is the largest and most liquid market based on trade volume.