The foreign exchange market gives a great impetus to economic development and is one of the most critical parts of the financial market. The global daily turnover in the foreign exchange markets (FOREX) has exceeded USD 6.7 billion. At the same time, speculation in the markets gives a qualitative impetus to its development. Of course, it can partially destabilize the situation with quotations due to their ignorance, but in most cases, it is also helpful for the general state of the market. These concepts were studied by the founder of modern economics - J. Keynes, and foreign scientists M. Poyarliev and J. Levych, and Ukrainian scientists also did not bypass this issue. They considered more the peculiarities of the development of the foreign exchange market of Ukraine and the basics of its regulation. Furthermore, only a few considered the process of hedging currency risks and, in part, speculation.

The primary purpose of this article is to study the role of speculation in the foreign exchange market of Ukraine and assess their impact on the foreign exchange market development in recent years. We have achieved this goal, namely to consider the main trends of the foreign exchange market in the last three years. On the positive side, Ukraine has already moved away from maintaining the exchange rate, and the NBU is trying to accumulate certain reserves. It is not easy to trace the positive dynamics in the foreign exchange market development due to the impact of pandemic-related lockdowns. There is a noticeable tendency in the market to devalue the Ukrainian hryvnia. We will also consider the types of traders and their main strategies. Pay special attention to care trade and momentum as the most profitable in the foreign exchange market. The core trade is based on the investor's desire to benefit from the difference in interest rates on different currencies, taking into account the risks. The moment is already based on technical analysis from the trader to decide to invest. This study will be helpful for both students and researchers studying financial markets, especially the foreign exchange market. Perhaps ordinary citizens of Ukraine will take it into account and expand their knowledge in the field of investment and trading in currency pairs because a similar article that would it did not concern the Ukrainian market, which is the value of this work.