Sometimes it can be confusing to work out the International eXchange rate terms and abbreviations so we’ve listed a few of the common ones below to help you.
Base currency = Also referred to as primary currency or the currency you are going to convert.
Broker = Someone who handles an investors currency buying and selling.
Currency = Form of money for a particular country e.g Japan’s currency is Yen.
Exchange Rate = Rate that one country’s currency is converted to another’s currency at a given time. Also referred to as the Conversion Rate.
Foreign Exchange or Forex = Refers to the exchange of one currency for another and also the market where currencies are traded.
AUD = Australian Dollars
USD = United States Dollars
EUR = Euro or European Monetary Unit
GBP = Great British Pound
JPY = Japanese Yen
CAD = Canadian Dollars