Friday, February 23, 2018
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Major Forex currencies
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U.S. dollar

The United States dollar or USD has been in use since before the country’s independence. The name ‘dollar’ came from the commonly used at the time Spanish coin called the ‘dollar’. It is also known as the greenback, after the notes with green backs which were used for issuing dollars between 1861 and 1862. It was officially approved on the 8th of August 1785. Like most currencies it has changed from being backed by gold to becoming a ‘fiat currency’ that is not backed by anything.

Euro

The Euro or EUR is the youngest currency between its peers having been in use for just over a decade. Its conception dates back to the 60s, though it wasn’t announced until the late 90s and put into use on the 1st of January 2002. The currency is shared among all but two members of the European Union, which at this date are 27 countries. It replaced the original currencies previously used in those countries, uniting them economically.

The Japanese Yen

The Japanese Yen or JPY pronounced ‘En’ in Japanese, gets its name from the word ‘En’ which means round object, from the times when the Spanish silver round coined dollar was used in Far East Asia. All JPY notes are issued by the bank of Japan since the end of the WWII, a period in which the yen lost a lot of its value and was fixed at 360 yen per 1 dollar. The yen is the third most traded currency in Forex.

The British Pound

The British pound, officially called the Pound Sterling, often referred to as simply the pound, and nicknamed the quid, is used in all of the United Kingdom, which is one of the only two European union countries which did not replace their home currencies with the Euro. The pound was originally used only in England and was adopted by Scotland when the two countries merged to create the UK in 1707 followed by Ireland a century later in 1826.

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