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The spot market is where currencies are bought and sold for immediate delivery at the current exchange rate. In contrast, forward and futures markets involve agreements to buy or sell currencies at a set price on a future date, with futures being standardized contracts traded on exchanges, while forwards are customized agreements between two parties.
the spot market deals with immediate transactions, the forward market allows for customized contracts for future delivery, and the futures market involves standardized contracts traded on exchanges. Each market serves different trading needs and strategies