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- Getting to grips with the basics.
Currencies are divided into a number of categories. There are also numerous other categories including emerging-market currencies, commodities currencies and Scandies, among others as the graphic shows. The highest placed commodities currency is the Australian dollar, just ahead of the Canadian dollar. All currencies are quoted in crosses, which means that to buy one currency, you need to sell another.
All currency crosses are quoted with two prices. The price for selling the base currency called the bid price and the price for buying the base currency called the ask price. The price you might see in newspapers, or on the TV, is called the mid-price — which is the price between the bid and ask price at a certain time. When two currencies are traded, they are also referred to as pairs. Inevitably, some pairs are traded far more often than others.
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Some of the more common currencies as well as currency pairs have nicknames. SPOT means that the bought currency and the sold currency will be settled two business days from the trade date. What the forward price will be, compared to the SPOT price, depends on the interest rate differential between the two currencies involved. The USD has a higher interest rate than the EUR, and you will therefore be compensated if you prefer your newly-bought dollars to be delivered one year from now instead of in two days.
Chapter 2: Getting to grips with the basics
Currencies trade on an OTC market. The bank gets back to you with the price, e. The information provided within this website is intended for background information only. The views and other information provided herein are the current views of Nordea Bank Abp as of the date of publication and are subject to change without notice. The information provided within this website is not an exhaustive description of the described product or the risks related to it, and it should not be relied on as such, nor is it a substitute for the judgement of the recipient.
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Getting a Grip on the Basics
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