Category: Currencies

Sterling gets pounded after YouGov poll shows slim majority favor Scottish Independence

Sterling has been pounded by the YouGov poll that showed that those favoring Scottish independence have gained a slim majority for the first time.  It does not matter than other polls have yet to confirm it.  A “yes” vote was widely seen as a high impact event, though calling it a Black Swan probably does not do justice to the long planned event.  The major parties in the UK are expected to announce a new devolution agreement for Scotland to entice the rejection of independence.  

Currency Market, Forex Market

Currency Exchange

Iraqi Dinar: The Once and Future Currency of Iraq

Iraqi Money

The official currency of Iraq is the dinar. It has been in circulation since 1931 although has gone through major changes since then. It is commonly known as the IQD.

History of the Iraqi Dinar

Before the Iraqi dinar was in use, Iraq used the Indian rupee.

From 1931 to 1959, the Iraqi dinar was used, as was pegged to the British pound. Then, in 1959, it was pegged to the US dollar so that one dinar equaled 2.8 dollars.

Currency Trading, Online Currency Trading

Currency Pair, Currency Pairs

Forex trading involves the simultaneous buying of one currency and selling another. The currencies involved in a single trade form a currency pair. The first currency quoted in a currency pair is called the base currency, while the second currency is called the quote currency or the counter currency. When an exchange rate is quoted, it is always expressed as the number of units of the counter currency needed to buy one unit of the base currency.

While there are several currency pairs, the top four currency pairs that account for 70% of the total daily trade are:

Currency Symbols, Money Symbols

Currency symbols are graphical signs that represent a particular country’s currency. For instance, the currency symbol for the euro is € and that for the US dollar is $. Currency symbols are used to replace currency names or currency codes. For example, the currency name “Great British Pound” and its currency code “GBP” can be replaced with the currency symbol “£.” While currency symbols are used commonly in the respective countries, the ISO 4217 currency codes are used internationally.

Currency Converter

Currency

A form of money that serves as a medium of exchange in a country and is meant for public circulation within it is called currency. It also functions as a standard measurement and store of value. Paper notes and coins issued by central banks become the currencies of the respective countries.