Currency Trading Information Channel |
|
|
|
ISO 4217 in Forex TradingISO 4217 is an international standard describing three letter codes to define the names of currencies established by the International Organization for Standardization (ISO). The first two letters of the code are the two letters of ISO 3166-1 alpha-2 country codes (which are similar to those used for national top-level domains on the internet) and the third is usually the initial of the currency itself. So Japan's currency code becomes JPY-JP for Japan and Y for yen. This eliminates the problem caused by the names dollar, franc and pound being used in dozens of different countries, all with wildly differing values. The standard also defines the relationship between the major currency unit and any minor currency unit. Often, the minor currency unit has a value that is 1/100 of the major unit, but 1/10 or 1/1000 are also common. Some currencies do not have any minor currency unit at all. Mauritania does not use a decimal division of units, setting 1 ouguiya (UM) = 5 khoums, and Madagascar has 1 ariary = 5 iraimbilanja. ISO 4217 includes codes for not only currencies, but also codes for precious metals (gold, silver, palladium and platinum; normally measured in troy ounces) and certain other entities used in international finance, e.g. Special Drawing Rights. There are also special codes allocated for testing purposes (XTS), and to indicate no currency transactions (XXX). These codes all begin with the letter "X". ISO 3166 never assigns country codes beginning with "X", so ISO 4217 can use "X" codes for non-country-specific currencies without risk of clashing with future country codes. Supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO are normally also represented by codes beginning with an "X". However, the Euro is represented by the code EUR; although EU is not an ISO 3166-1 country code, it was used anyway, and in order to do so EU was added to the ISO 3166-1 reserved codes list to represent the European Union. The predecessor to the Euro, the European Currency Unit, had the code XEU. More detail about ISO 4217 can be found on wikipedia.org The author blog: Online Forex Resource - http://forexbroker.blogspot.com
MORE RESOURCES updated Wed. April / 24 / 2024 Nigeria denies freezing over 300 P2P accounts on more crypto exchanges amid forex concerns CryptoSlate Top 10 Forex Brokers in the World: 2024 Rankings FinanceFeeds How to get started in trading forex CNN Underscored Nigerians fear new crypto crackdown as currency drops 15% and officials blame more than Binance DLNews Understanding the Correlation of Oil and Currency Investopedia Discover ask2bid.net: A Trusted Destination for Unbiased Insights into Crypto and Forex Trading Yahoo Finance This week's short EUR/USD trading outlook IG International Spotrade.net analysis: A Trusted Destination for Unbiased Insights into Crypto and Forex Trading Yahoo Finance They Bet Against the Dollar. Now They're Paying the Price. The Wall Street Journal AUD/USD, EUR/USD and GBP/USD regain lost ground IG International Zimbabwe authorities troubled by tumbling new currency Voice of America - VOA News Currency Crash: How Millennium Management Made $40 Million Betting Against the Egyptian Pound Yahoo Finance Best Forex Brokers In April 2024 Bankrate.com GBP/USD Analysis Today 24/4: Avoiding Further Collapse DailyForex.com USD/CAD Analysis Today - 24/04: Sentiment Re-Test (Chart) DailyForex.com USD/JPY Analysis Today 24/4: Stable Intervention Levels DailyForex.com Asia's central bankers struggle to contain strong US dollar Financial Times This Is How You Make Money Trading New York Magazine U.S. dollar closes lower on Taipei forex market Focus Taiwan EUR/USD Analysis Today 24/4: Gains Face Threat (Chart) DailyForex.com 3 Best Forex Brokers for 2024 NerdWallet RBI urges more caution from banks on curbing unauthorised forex transactions The Economic Times Towards Increasing Complexity: The Evolution of the FX Market - Liberty Street Economics Liberty Street Economics - Using Paper Trading to Practice Day Trading Investopedia NZD/USD Analysis Today - 24/04: NZD/USD Slight Rise (Chart) DailyForex.com EUR/USD Forecast Today 24/4: Rangebound and Tight (Video) DailyForex.com Foreign exchange contact group (FXCG) European Central Bank US, Japan and South Korea seek to limit dollar's rise Financial Times Why Is the Forex Market Open 24 Hours a Day? Investopedia Forex Trading for Beginners NerdWallet FOREX.com vs. Robinhood: Which Is Right for You? The Motley Fool RBI asks banks to step up vigilance to prevent misuse of banking channels in facilitating unauthorised forex trading BusinessLine How Often Do Exchange Rates Fluctuate? Investopedia Zimbabwe's new gold-backed currency sliding on black market Voice of America - VOA News China's New Currency Playbook Council on Foreign Relations EUR/JPY Signal Today - 24/04: Euro Surpasses Yen (Chart) DailyForex.com Indonesia hikes rate to arrest rupiah slide Bangkok Post Trader's Case Tests DOJ's Policing of Global Currency Market The Wall Street Journal USD/BRL Analysis Today - 23/04: Move Lower (Chart) DailyForex.com Stock market today: Global benchmarks are mixed while US seems committed to current rates WKRG News 5 Top Fiat Currencies Used to Trade Bitcoin Investopedia Weekly Forex Forecast - 21/04 (Charts) DailyForex.com GBP/USD Forecast Today 24/4: Turns the Trend (Video+Chart) DailyForex.com Best Brokers for Trading GBP to USD Economies.com Asia FX sees some relief as dollar retreats, yen at 34-year lows Investing.com South Africa
|