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2.3 Australian dollar as legal tender. 2.4 Swiss franc as legal tender. 3 Currency board. Toggle Currency board subsection. 3.1 US dollar as exchange rate anchor.
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 currency, quote currency, or currency [1] and the currency that is quoted in relation is called the base currency or transaction currency.
Fixed currency Anchor currency Rate (anchor / fixed) Abkhazian apsar: Russian ruble: 0.1 Alderney pound (only coins) [1]: Pound sterling: 1 Aruban florin: U.S. dollar: 1.79
The New Zealand dollar was initially pegged to both the British pound sterling and the United States dollar at NZ$1 = UK£ 1 ⁄ 2 = US$1.40. On 21 November 1967 sterling was devalued from UK£1 = US$2.80 to US$2.40 (see Bretton Woods system ), but the New Zealand dollar was devalued even more from NZ$1 = US$1.40 to US$1.12, to match the value ...
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).
For example, .0001 divided by a USD/CAD exchange rate of 1.3600 and then multiplied by a standard lot size of 100,000 results in a pip value of $7.35. Having 100,000 USD bought against the Canadian dollar at 1.3600 and sold at 1.3601, gives a profit of 1 pip or $7.35.
An airline ticket showing the price with ISO 4217 code "EUR" (bottom left) and not with euro currency sign " € "ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual currencies and their minor units.
The same mechanism also works when the market rate is above 7.80, and the banks will convert Hong Kong dollars for United States dollars. By this arrangement, the Hong Kong dollar is backed by one of the world's largest foreign exchange reserves , which is over 7 times the amount of money supplied in circulation or about 48% of Hong Kong dollar ...