The USD is the base currency and the CZK is the counter currency. The USD/CZK is an exotic currency pair that is not traded as often as the majors, but also enjoys popularity among traders. The USD is the top global currency and the most widely used reserve currency in the world. The Czech economy is driven by the services sector and conducts most of its trade with the European Union, specifically Germany. The Czech koruna is exposed to the industrial production growth in Europe by exporting transport goods and machinery.
The USD dates back to 1792, when the US dollar was created by the United States Congress as the official country's currency. It serves as legal tender in many countries and it is the most widely used currency in the world both in circulation and reserve. The US dollar form the majors as it pairs with all main currencies in the foreign exchange market (forex). Τhe Czech Koruna has been the currency of the Czech Republic since 1993 and is one of the European Union's 11 currencies. The Czech Republic is legally bound to adopt the euro currency in the future and for that reason, the Czech Koruna stands out in the financial markets as one of the smaller currencies when compared to the USD, EUR and GBP.
