A telephone exchange is a telephone system located at service centers central offices responsible for a small geographic area that provided the switching or interconnection of two or more individual subscriber lines for calls made between them, rather than requiring direct lines between subscriber stations. This made it possible for subscribers to call each other at homes, businesses, or public spaces.
Currency pair In the foreign exchange market, a currency pair is the quotation of the relative value of a currency unit against the unit of another currency.
In other words, this is the price of a unit of Euro in US dollars. There is a market convention that determines which is the fixed currency and which is the variable currency.
In most parts of the world, the order is: Cyprus and Malta, which were quoted as the base[ clarification needed ] to the USD and others, were recently removed from this list when they joined the Eurozone.
In order to determine which is the fixed currency when neither currency is on the above list i. This reduces rounding issues and the need to use excessive numbers of decimal places.
There are some exceptions to this rule: Using direct quotation, if the home currency is strengthening that is, appreciatingor becoming more valuable then the exchange rate number decreases.
Conversely, if the foreign currency is strengthening and the home currency is depreciatingthe exchange rate number increases.
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Market convention from the early s to was that most currency pairs were quoted to four decimal places for spot transactions and up to six decimal places for forward outrights or swaps. The fourth decimal place is usually referred to as a " pip ".
An exception to this was exchange rates with a value of less than 1. Although there is no fixed rule, exchange rates numerically greater than around 20 were usually quoted to three decimal places and exchange rates greater than 80 were quoted to two decimal places.
Currencies over were usually quoted with no decimal places for example, the former Turkish Lira.
In other words, quotes are given with five digits. Where rates are below 1, quotes frequently include five decimal places. A number of other banks have now followed this system. Exchange rate regime[ edit ] Main article: Exchange rate regime Each country determines the exchange rate regime that will apply to its currency.
For example, the currency may be free-floating, pegged fixedor a hybrid. If a currency is free-floating, its exchange rate is allowed to vary against that of other currencies and is determined by the market forces of supply and demand. Exchange rates for such currencies are likely to change almost constantly as quoted on financial marketsmainly by banksaround the world.Join the Nasdaq Community today and get free, instant access to portfolios, stock ratings, real-time alerts, and more!
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E xchange rates between currencies have been highly unstable since the collapse of the Bretton Woods system of fixed exchange rates, which lasted from to Under the Bretton Woods system, exchange rates (e.g., the number of dollars it takes to buy a British pound or German mark) were fixed at levels determined by governments.
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