Suggestion how does forex market runs

[biteshpatel]

I wanted to know that who gives the rates for all currencies and how does the market updates the rates of all currencies. Who is authorised to set the rates for currencies.

 

[elewood1]

The day starts when traders wake up in Sydney then moves to Tokyo, London, Frankfurt and finally, New York, before trading starts all over again in Sydney. The currency exchanges in these locations are responsible for the currency rates.