There are a lot of technical terms and data which is usually associated with currency markets and the financial markets as a whole of which exchange rates are part of. These may be easy to understand if you have been working in the industry for a while but for some people it might has well be in a completely different language. Many newspapers, magazine and websites provide commentary on the currency markets. Below are a few helpful insights to understanding the market if you plan to learn more.
The currency markets are often based on many short term factors and are likely to have more impact on your everyday lives as opposed to the stock or bond markets. Whether you are going on holiday, sending money to friends abroad or emigrating, the exchange rate will denote how much money you or your business will need to send or will receive. With this in mind, here are some of key terms to understand when looking at these kinds of currency market reports:
The use of forward and limit order contracts are usually done through foreign currency specialists. Foreign currency specialists are a very realistic alternative to using your bank for transferring large amounts of money (usually over £5000 in the UK). FX Compared advocate the use of foreign currency specialists as the margin that they offer is much closer to the inter-bank rate than that which your bank will offer you. They also charge little or no fee for their services whereas banks may charge upwards of £40 for a single transaction.
Although all these specific terms may not be that important to you, the movement of currencies could have a dramatic effect on you or your business. This is especially apparent when purchasing property abroad or making large import orders, as on a number of occasions the exchange rate may result in you having EUR20,000 less than you envisaged for your dream home or your order of goods costing EUR20,000 more.
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