Your Guide To World Currencies

Your Guide To World Currencies

Did you know that there are roughly 180 different currencies across the world? The oldest known currency is the British pound, which dates all the way back to the eighth century. There are approximately 22 countries in the world that use their own form of dollars. Some of the dollar currencies include: the Australian dollar, the Canadian dollar, the Fijian dollar, and the Belize dollar. There are also some countries that still use the US dollar in place of their own currency such as Canada, Mexico, Ecuador, El Salvador, and Panama.

Let’s take a look at some of the most tradable currencies below.

The US Dollar (USD)

This is one form of currency you are likely already familiar with. Originally created in 1913 by the Federal Reserve Act, the US dollar is the most traded currency on earth. This is mostly due to the fact the US dollar is the unofficial global reserve currency.

The Japanese Yen

The most traded currency out of Asia is the Japanese Yen. It is the third most traded currency in the foreign exchange market (right after the euro and US dollar). The word “yen” translates into “round object or circle” in Japanese.

The Canadian Dollar

The Canadian dollar, also known as the loonie, is the currency used throughout Canada. It is a commodity currency, meaning that it moves with the different commodity markets. From crude oil to precious metals and minerals, many things can play a part in the value of the Canadian dollar.

The Euro (EUR)

The euro has easily become the second most largely traded currency in the world. As the second-largest reserve currency, the euro was introduced on January 1, 1999. As the primary type of currency for Europe and its member nations, nations within Europe and Africa use it as a way to stabilize the exchange rate.

The British Pound

Also called the pound sterling, the British pound is the currency of the United Kingdom. As we mentioned above, it is the oldest currency still in use today, along with one of the most commonly converted currencies.

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