A "call auction" in the forex market is when all the currency pairs come together for a sophisticated round of bids and offers. It's like a classy auction house, where traders elegantly submit their buy and sell orders before the action begins.
During a call auction in forex, all the players gather 'round and announce their intentions. Then, a magical moment occurs when the highest bid and the lowest offer agree to hold hands and become the new exchange rate. It's like love at first sight, but with currency pairs.