Which component is NOT considered a part of foreign exchange trading?

In foreign exchange trading, the focus is primarily on the buying and selling of currencies and related financial instruments. Cross currencies, interest rate options, and spots and forwards all directly pertain to this market.

Cross currencies represent currency pairs that do not involve the US dollar; they are traded in the foreign exchange market. Interest rate options influence currency values by affecting interest rate differentials between countries, which impacts foreign exchange rates. Spots and forwards are fundamental instruments in forex trading, where spots refer to immediate currency transactions and forwards involve agreements to exchange currencies at a future date.

Commodity futures, on the other hand, are contracts to buy or sell a specific quantity of a commodity at a predetermined price on a specific date. While commodities can impact currency valuations due to trade balances and economic conditions of commodity-dependent countries, commodity futures themselves are not instruments used in forex trading. This delineation is what makes commodity futures the correct choice as not being a component of foreign exchange trading.