What are bid and ask prices, and how do they influence transactions?
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Bid and ask prices are critical in forex trading, where the bid represents the highest price buyers will pay and the ask the lowest price sellers will accept, with the difference influencing transaction costs and trading profitability.
The bid price is what buyers are willing to pay for an asset, while the ask price is what sellers want to receive, and together they determine the spread, impacting the cost and profitability of each transaction.