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Major Currencies of The World
  • U.S. Dollar (USD) - Introduced in 1913 by the Federal Reserve Act in the United States, it is official currency of the United States of America. It is also known as the greenback. The American dollar is a benchmark currency that trades against other major currencies, including the euro, Japanese yen and British pound.

  • European Euro (EUR) – Floated in the financial market on 1st of January, 1999, Euro is the newest currency amongst the major currencies traded in the foreign exchange market. It is the official currency of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

  • Japanese Yen (JPY) – Established in 1882 by Bank of Japan, the Japanese Yen is the official currency of Japan, which is one of the major economy in the world. The Japanese Yen is the third most traded currency after the US Dollar and the Euro.

  • British Pound (GBP) – Commonly called, Pound, it is also known as Sterling Pound. It is the official currency of the United Kingdom, the Isle of Man, the Channel Islands, the British Overseas Territories of South Georgia, the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. The Pound is subdivided into 100 pence.

  • Swiss Franc (CHF) – The official currency of Switzerland and Liechtenstein and also legal tender in the Campione d'Italia (Italian exclave). The Swiss Franc bank notes are issued by the Swiss National Bank and the Swiss currency coins are minted by the federal mint – “Swissmint”.

  • Canadian Dollar (CAD) – Introduced by the Bank of Canada in 1934, the Canadian dollar is the 7th most traded currency in the world. The Canadian dollar is held as a reserve currency by many central and commercial banks. The Canadian dollar play as a regional reserve currency for banking and has been an important part of the British, French and Dutch Caribbean state's economies and finance systems from 1950.

  • Australian/New Zealand Dollar (AUD/NZD) - It is the official currency of the Australia, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. The Australian dollar is used in Kiribati, Nauru and Tuvalu. One Australian dollar is subdivided into 100 cents. It is a favourite currency of the currency traders due to the high interests rates in Australia and the general stability of Australia's economy and political system.

  • South African Rand (ZAR) - The official currency of the Common Monetary Area between South Africa, Swaziland and Lesotho, the South African Rand was first issued by the South African Reserve Bank on 14th of February 1961. It replaced the South African pound as legal tender, at the rate of 2 rand = 1 pound or 10 shillings to the rand.
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Latest Currency News And Currency Related Information

US Dollar

The chances of further QE were seen to have greatly increased yesterday as the Bank of England minutes revealed an unexpectedly close policy decision in June with a 5-4 split in voting (versus 8-1 the month previous) as central bank Governor Meryvn King joined Adam Posen and David Miles in calling for an injection of an extra £50 billion in QE, whilst Paul Fisher called for a further £25 billion in stimulus.

The growing case for more QE was bolstered further by some shaky employment numbers which continued to highlight the softness of the UK labour market. GBP/USD spiked to a low of 1.5650 as investors digested the dovish minutes although the move lower was short lived with the market already prepared for such an outcome after King’s cautious Mansion House speech last Friday and cable soon traded to a high of 1.5777 as USD selling prevailed in anticipation of the FOMC decision later in the day.

The Fed’s decision to extend Operation Twist until the end of this year, as was widely anticipated by most market participants, saw an initial rally in the greenback, however this move was quickly reversed but losses in the USD were limited with the Fed stopping short of announcing more aggressive measures such as outright treasury buying, or QE3. UK economic data today includes May retail sales numbers, with analysts looking for Jubilee-inspired bounce higher after April’s abysmal figure and this should offer some near-term support to GBP. The US data docket includes existing home sales and June’s Philadelphia Fed survey, but we expect that relative monetary policy expectations will continue to drive price action in GBP/USD today. GBP/USD opens this morning at 1.5678.

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