Forex pair nicknames
A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market. The currency that is used as the reference is called the counter currencyquote forex or currency [1] and the forex that is pair in relation is called the base currency or transaction currency. Currency pairs are sometimes then written by concatenating the ISO currency codes ISO of the base currency and the counter currency, separating forex with a slash character. Often the slash character is omitted, alternatively the slash may be replaced by and etc. Here, EUR is the base currency and USD is the quote currency counter currency. This means that 1 Euro can be exchangeable to 1. The most traded currency pairs in the world are called the Majors. They involve the currencies euroUS dollarJapanese yenpound sterlingAustralian dollarCanadian dollarand the Swiss franc. Currency quotations use the abbreviations for currencies that are prescribed by the International Organization for Standardization ISO in standard ISO The major currencies and their designation in the foreign exchange market are the US dollar USDeuro EURJapanese yen JPYBritish pound GBPAustralian dollar AUDCanadian dollar CADand the Swiss franc CHF. The rules for formulating standard currency pair notations result pair accepted priorities attributed to each currency. From its inception in and forex stipulated by the European Central Bankthe euro has first precedence as a base currency. Therefore, all currency pairs involving it should use it as their base, listed first. Although there is no standards-setting body or ruling organization, the established priority ranking of the major currencies is:. Historically, this was established by a ranking according to the relative values of the currencies with respect to each other [ citation needed ]but the introduction of the euro and other market factors have broken the original price rankings. For example, while historically Japanese yen would rank above Mexican peso, the quoting convention for these is now MXNJPY, i. Mexican peso has nicknames priority than Japanese yen. Other currencies the Minors are generally quoted against USD. Quotes against currencies other than USD are referred to as currency crosses, or simply crosses. The most common crosses are EUR, JPY, and GBP crosses, but may pair against any other currency. Sometimes the term base currency may also refer to the [functional currency] of a bank or company; usually their domestic currency. For example, a British bank may use GBP as a base currency for accounting, because all profits and losses are converted to sterling. This ambiguity leads many market participants to use the expressions currency 1 CCY1 and currency 2 CCY2where one unit of CCY1 equals the quoted number of units of CCY2. The most traded pairs of currencies in the world are called the Majors. In everyday foreign exchange market trading and news reporting, the currency pairs are often referred to by nicknames rather than their symbolic nomenclature. These are often reminiscent of national or geographic connotations. GBP is also referred to by traders as quid. The following nicknames are common: Nicknames vary between the trading centers in New York, London, and Tokyo. Currencies are traded in fixed contract sizes, specifically called lot sizes, or multiples pair. The standard lot size isunits of the base currency. Many retail trading firms also offer 10,unit mini lot nicknames accounts and a pair even 1,unit micro lot. The officially quoted rate is a spot pair. In a trading market nicknames, currencies are offered for sale at an offering price the ask priceand traders looking to buy a position nicknames to do so at their bid pricewhich is always lower or equal to the asking price. This price differential is known as the spread. The spread offered to a retail customer forex an account at a brokerage firm, rather than a large international forex market makeris larger and varies between brokerages. Brokerages typically increase the spread they receive from their market providers as compensation for their service to the end customer, rather than charge a transaction fee. A bureau de change usually has spreads that are even larger. In the above case, someone buying 1 EUR will have to pay 1. A pair is depicted only one way and never reversed for the purpose of a trade, but a buy or sell function is used at initiation of a trade. Buy a pair if bullish on the first position as compared to the second of the pair; conversely, sell if bearish on the first as compared to the second. From Wikipedia, pair free encyclopedia. Foreign exchange Exchange rates Currency band Exchange rate Exchange-rate regime Exchange-rate flexibility Dollarization Fixed exchange rate Floating exchange rate Linked exchange rate Managed float regime Markets Foreign exchange market Futures exchange Retail foreign exchange trading Assets Currency Currency future Currency forward Non-deliverable forward Foreign exchange swap Currency swap Foreign pair option Historical agreements Bretton Woods Conference Smithsonian Agreement Plaza Accord Louvre Accord See also Bureau de change Hard currency Currency pair Foreign exchange fraud Currency intervention v t e. Triennial Central Bank Survey. Bank for International Settlements. 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Currency band Nicknames rate Exchange-rate regime Exchange-rate flexibility Dollarization Fixed exchange rate Floating exchange rate Linked exchange rate Managed float regime. Foreign exchange market Futures exchange Retail foreign exchange trading. Currency Currency future Currency forward Nicknames forward Foreign exchange swap Currency swap Foreign exchange option. Bretton Woods Conference Smithsonian Agreement Plaza Accord Nicknames Accord. Bureau de change Hard currency Currency pair Foreign exchange fraud Currency intervention.
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