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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). This means that 1 Euro can be exchangeable to 1.25 US Dollars.
In Europe, the euro is used in 26 countries (including Kosovo), while the Swiss franc is used in two countries. All 23 other widely recognized states each have their own national currency. All 23 other widely recognized states each have their own national 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
United States dollar $ USD Centavo: 100 Egypt: Egyptian pound: LE EGP Piastre [B] 100 El Salvador: United States dollar $ USD Cent: 100 Equatorial Guinea: Central African CFA franc: F.CFA XAF Centime: 100 Eritrea: Eritrean nakfa: Nkf ERN Cent: 100 Estonia: Euro € EUR Cent: 100 Eswatini: Swazi lilangeni: L or E (pl.) SZL Cent: 100 South ...
Each currency typically has a main currency unit (the dollar, for example, or the euro) and a fractional unit, often defined as 1 ⁄ 100 of the main unit: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound, although units of 1 ⁄ 10 or 1 ⁄ 1000 occasionally also occur.
For instance, the quotation EURUSD (EUR/USD) 1.5465 is the price of the Euro expressed in US dollars, meaning 1 euro = 1.5465 dollars. 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 U.S. dollar is widely held by central banks, foreign companies and private individuals worldwide, in the form of eurodollar foreign deposit accounts (not to be confused with the euro), as well as in the form of US$100 notes, an estimated 75% of which are held overseas. [1]
However, its position as a reserve currency damages American exporters because this increases the value of the United States dollar. [4] [5] The United States dollar is also "standard" in international commodity markets. [1] In the phenomenon known as 'dollarization', the U.S. dollar has been adopted as the official currency of several other ...
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