Currency ETFs can be traded as individual products or bundled as a fund. There is no need to trade FX directly. Instead, trade the options on the ETF of the Currency.
Focus on the G10 Countries (currencies of the Group of Ten), as the strengthening/weakening of the U.S. Dollar impacts the relative strength/weakness of the other member countries.
G10 refers to the 10 countries that agreed to participate in the General Arrangements to Borrow (GAB). Established in 1962, the GAB was founded when the governments of 8 International Monetary Fund (IMF) members—Belgium, Canada, France, Italy, Japan, Netherlands, United Kingdom and the USA— including Germany and Sweden's Central Banks, agreed to enable the IMF to borrow within specified limits from the G10 members, to extend conditional funding of non-member countries undergoing pre-determined treatment for economic recovery/fiscal restructuring, at market-related interest rates.
American Exercise–Style Currency ETFs (all optionable)
DBV PowerShares Deutsche Bank G10 Currency Harvest Fund
FXA Currency
Shares Australian Dollar Trust
FXB Currency
Shares British Pound Sterling Trust
FXC Currency
Shares Canadian Dollar Trust
FXE Currency
Shares Euro Trust (#)
FXF Currency
Shares Swiss Franc Trust
FXM Currency
Shares Mexican Peso Trust
FXS Currency
Shares Swedish Krona Trust
FXY Currency
Shares Japanese Yen Trust
(#: Euro covers Belgium, France, Germany, Italy & Netherlands.)
PHLX’s (Philadelphia Stock Exchange, now part of NASDAQ) European Exercise–Style World Currency Options
For product specifications, see http://www.nasdaq.com/asp/currency-options.asp
XDA Australian Dollar
XDB British
Pound
XDC Canadian
Dollar
XDE Euros
XDN Japanese
Yen
XDS Swiss
Francs