![]() ![]() Before this, it is assumed that bartering, which is the exchange of goods and services without the use of money, was likely used. What is Currency?Ĭurrency is a universal medium of exchange for goods and services in an economy, and it is believed to have been used as such dating back at least 3,000 years. The USD in a currency pair with any of the others is known as a major currency pair. dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and the Swiss franc (CHF). Major Currencies-This refers to a short list of the most traded currencies, which generally stay the same year-to-year. Interbank (bank-to-bank) Rate-This is the wholesale exchange rate that banks use between themselves. The first currency in a currency pair is called the base currency, while the second is called the quote currency. A pip is sometimes called a point.Ĭurrency Pair-A quote of the relative value of one currency unit against another currency unit. For example, 3 pips are the difference between the currency quote of EUR/USD 1.2800/1.2803. Pip-A pip is the smallest unit of value in a bid-ask spread. Some call this profit a fee or commission. As financial middlemen, most will set exchange rates of their own at bid-ask spreads that return a percentage as profit for doing business. Real-world currency exchanges with brokers, banks, or businesses typically do not follow precise market rates. Theoretically, buyers want the smallest possible spreads, while sellers want the highest spreads. The forex is able to facilitate the receipt or payment of units of currency that are equal in value.īid Price-The price that a buyer is willing to pay for a unit of currency.Īsk Price-The price that a seller is willing to accept for a unit of currency.īid-Ask Spread-The difference between the bid and ask price. This market is a necessity because one unit of currency very rarely equals exactly one unit of another currency. All rights reserved.Below is a short list of some of the important terms pertinent to foreign currency exchange.Įxchange Rate-The value of one currency expressed in terms of another.įorex-The foreign exchange market (forex) is a global, decentralized, over-the-counter market for the trading of currencies and is the largest market in the world (followed by the credit market). Download Our Apps Military Time Conversion | Decimal Time Conversion View Full site | Contact us CALCULATEHOURS.COM © Privacy policy. ![]() does not give any warranty or assurance as to the quality or accuracy of our Free Time Clock Calculator. ![]() It should not be relied upon to calculate financial data. Our Online Time Clock Calculator is designed to provide you general estimates. You get paid overtime, if you are asked to work more than 40 hours a week.Ī 9 to 5 job is likely to have a fixed schedule, so you hours are predictable. You are guaranteed a specific amount of income for every hour you work. ![]() In a workplace, some benefits of an hourly wage are: Many Nannies and Maids also work on hourly rates. Other frequent users are Freelancers Like: Writers, Graphic Designers, and Programmers. It is also widely used by employees to estimate their next pay and budget accordingly. Our Online Time Clock Calculator is commonly used by Small Business Owners who cannot afford (yet) a Time Clock Software System. ![]()
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