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A strong dollar is recognized to have many benefits but also potential downsides. Domestically in the US, the policy keeps inflation low, encourages foreign investment, and maintains the currency's role in the global financial system. [2] [3] Globally, a strong dollar is thought to be harmful for the rest of the world. [4]
Alternatively the slash may be omitted, or replaced by either a dot or a dash. A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR/USD. The quotation EUR/USD 1.2500 means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency (counter currency).
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
The Plaza Accord was a joint agreement signed on September 22, 1985, at the Plaza Hotel in New York City, between France, West Germany, Japan, the United Kingdom, and the United States, to depreciate the U.S. dollar in relation to the French franc, the German Deutsche Mark, the Japanese yen and the British pound sterling by intervening in currency markets.
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).
GBP/USD settled above the resistance at 1.3110 and is testing the next resistance level at 1.3140.
The basic idea behind indicators is "to buy strong currency and to sell weak currency". If X/Y currency pair is up trend, it can be determined whether this happens due to X's strength or Y's weakness. For the calculation of indexes of this kind, major currencies are usually used because they represent up to 90% of the whole forex market volume. [6]
An example of a currency basket is the European Currency Unit that was used by the European Community member states as the unit of account before being replaced by the euro. [4] Another example is the special drawing rights of the International Monetary Fund. [5] [6] A well-known measure is the U.S. dollar index, which is used by Forex traders.
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