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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.
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A British Company may be long EUR from sales in Europe but operate primarily in Britain using GBP. However, they know that they need to pay their manufacturers in Europe in 1 month. They could spot sell their EUR and buy GBP to cover their expenses in Britain, and then in one month spot buy EUR and sell GBP to pay their business partners in Europe.
Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food, pottery, and raw materials. [9] If a Greek coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods.
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Central banks can buy or sell foreign currency to influence exchange rates directly. For example, if a currency is depreciating, a central bank can sell its reserves in foreign currency to buy its own currency, creating demand and helping to stabilize its value. High levels of reserves instill confidence among investors and traders.
The US dollar has pulled back a bit on Friday, as we limped into the weekend. The ¥104 level continues to be crucial though, so pay close attention to it.
Get breaking Business News and the latest corporate happenings from AOL. From analysts' forecasts to crude oil updates to everything impacting the stock market, it can all be found here.