To fully understand forex, it is important to know certain terms referring to other terms, always good for a beginner trader, but also for professionals to know the nicknames of certain terms as well as the terms used to save time …
So on the currency side, we can find certain nicknames like the “Buck” to name the American dollar, the “Fiber” to refer to the euro, the “cable” to refer to the pound sterling (GBP / USD) , the “Kiwi” for the New Zealand dollar (NZD / USD), the “Aussie” for the Australian dollar (AUD / USD) the “Swissy” for the Swiss franc (USD / CHF) or even the “Loonie” for the Canadian dollar (USD / CAD) … Less known may be the Danish krone may be called Copey, but this currency being less traded than the currencies previously mentioned, the term may not be used …
It is also often heard to speak of a forex trader of forex trader which is the term often used for talking about traders in the forex market. Other terms can also be used to refer to certain words, often including English: “Your”, “Mines”, MM … We will try to dissect these terms in a future forex discovery practice sheet.
Currencies and their ISO code
Each currency on the forex (currency market) is named by its name, but is generally on the trading platforms of forex brokers named by the iso code defined by 3 letters referring for the first 2 letters to the name of the country and for the last in the name of the currency.
For the American dollar also called banknote, the country is “United States” and the currency the “Dollar”, in fact the iso code (defined by the name ISO 3) is USD (United States Dollar).
Here are other examples:
- GBP = Great Britain Dollar
- CAD = Canadian Dollar
- JPY = JaPan Yen
- CHF = Helvetic Community Swiss Franc
Note all the same some exceptions to this model since the euro has the EUR code according to the ISO 3 standard.