Forex
Money. We all need it. We all want it. Trillions and trillions
of dollars, pesos, euros, pounds, levs, francs, and more change
hands every day for goods and services around the world. Most of
us are only familiar with the money that is exchanged for goods
and services in our own country and are only concerned with
getting more of that.
But there is a lot more to money than that. What is the
relationship between the currency in your country and the
currency of some other country and why should it matter to me?
I’m glad you asked. In this article we will explore some of the
currencies around the world and answer some questions you may
not even know you had.
First, if we are going to discuss currency and it’s
relationship to other currency, we have to talk about Forex.
That’s short for foreign exchange or the exchange of currency
for a different type of currency.
There is no market in the world, including Wallstreet that can
compare to Forex in volume of cash traded daily. Retailers,
Governments, Currency Speculators, Banks, Corporations, and
other financial institutions engage in forex or foreign
currency exchange to the tune of trillions of dollars and other
currency each day.
It is a truly amazing thing to see. People making money just by
trading one country’s currency for another. Keeping up with the
latest news in each country, economic trends and indicators,
real-time monitoring of current currency values in comparison
to another currency are all things required if you are going to
speculate in this arena.
More than that, some forex speculators will tell you is, you
have to have a good feel for it. You have to understand
economies and be able to recognize the events and conditions
that will cause people to lose confidence in one currency or
another. You have to know when to hold em and when to fold em,
as the Kenny Rogers song goes.
If you would like to check the exchange rates for each of these
currencies against other currencies, you can open a new browser
window and put this url into your address bar. It’s a Forex
Calculator. http://uk.finance.yahoo.com/currency-converter?u
The following is a list of world currencies. It may not be
every currency in the world, but it will give you an idea of
the complexity of forex.
Albanian Lek, Algerian Dinar, Aluminium Ounces, Argentine Peso,
Aruba Florin, Australian Dollar.
Bahamian Dollar, Bahraini Dinar, Bangladesh Taka, Barbados
Dollar, Belarus Ruble, Belize Dollar, Bermuda Dollar, Bhutan
Ngultrum, Bolivian Boliviano, Brazilian Real, British Pound,
Brunei Dollar, Bulgarian Lev, Burundi Franc.
Cambodia Riel, Canadian Dollar, Cayman Islands Dollar, CFA
Franc, Chilean Peso, Chinese Yuan, Colombian Peso, Comoros
Franc, Copper Ounces, Costa Rica Colon, Croatian Kuna, Cuban
Peso, Cyprus Pound, Czech Koruna.
Danish Krone, Dijibouti Franc, Dominican Peso. East Caribbean
Dollar, Ecuador Sucre, Egyptian Pound, El Salvador Colon,
Eritrea Nakfa, Estonian Kroon, Ethiopian Birr, Euro.
Falkland Islands Pound, Gambian Dalasi, Ghanian Cedi, Gibraltar
Pound, Gold Ounces, Guatemala Quetzal, Guinea Franc, Haiti
Gourde, Honduras Lempira, Hong Kong Dollar, Hungarian Forint,
Iceland Krona, Indian Rupee, Indonesian Rupiah, Iran Rial,
Israeli Shekel,
Jamaican Dollar, Japanese Yen, Jordanian Dinar, Kazakhstan
Tenge, Kenyan Shilling, Korean Won, Kuwaiti Dinar, Lao Kip,
Latvian Lat, Lebanese Pound, Lesotho Loti, Libyan Dinar,
Lithuanian Lita.
Macau Pataca, Macedonian Denar, Malagasy Franc, Malawi Kwacha,
Malaysian Ringgit, Maldives Rufiyaa, Maltese Lira, Mauritania
Ougulya, Mauritius Rupee, Mexican Peso, Moldovan Leu, Mongolian
Tugrik, Moroccan Dirham, Mozambique Metical.
Namibian Dollar, Nepalese Rupee, Neth Antilles Guilder, New
Turkish Lira, New Zealand Dollar, Nicaragua Cordoba, Nigerian
Naira, Norwegian Krone, Omani Rial.
Pacific Franc, Pakistani Rupee, Palladium Ounces, Panama
Balboa, Papua New Guinea Kina, Paraguayan Guarani, Peruvian
Nuevo Sol, Philippine Peso, Platinum Ounces, Polish Zloty,
Qatar Rial, Romanian Leu, Romanian New Leu, Russian Rouble,
Rwanda Franc.
Samoa Tala, Sao Tome Dobra, Saudi Arabian Riyal, Seychelles
Rupee, Sierra Leone Leone, Silver Ounces, Singapore Dollar,
Slovak Koruna, Slovenian Tolar, Somali Shilling, South African
Rand, Sri Lanka Rupee, St Helena Pound, Sudanese Dinar, Surinam
Guilder, Swaziland Lilageni, Swedish Krona, Swiss Franc, Syrian
Pound.
Taiwan Dollar, Tanzanian Shilling, Thai Baht, Tonga Pa'anga,
Trinidad&Tobago Dollar, Tunisian Dinar, U.S. Dollar, UAE
Dirham, Ugandan Shilling, Ukraine Hryvnia, Uruguayan New Peso,
Vanuatu Vatu, Venezuelan Bolivar, Vietnam Dong, Yemen Riyal,
Zambian Kwacha, Zimbabwe Dollar.
Can you imagine sorting out all of the relationships between
each of those currencies and precious metals. Forex is not for
the faint of heart it would seem, but it does make a facinating
topic. In some of the currency names you can see how it relates
to world history.
I hope you find this article has helped you with at least an
explanation of what Forex is and how it works. There is a lot
more out there about Forex. Learn more!