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Money converter tools: codes and pairings

Most money converter tools are designed to be user friendly - particularly those aimed at holiday makers looking for the best rate on currency exchange. However, if you were to dig a little deeper into the world of Forex and currency exchange trading, some knowledge about codes and pairings would be useful.

Need a hand distinguishing your Maties from your Chunnels? Read on for a glossary of terms related to money converter tools and Forex trading floors ...

Popular currency codes

Here is a list of the most commonly traded currencies. The three letter code, or ISO code, is usually composed of the two character internet country code (e.g. GB for the United Kingdom) followed by an extra character to denote the currency code (e.g. P for pound).

  • AUD - Australian Dollar
  • USD - US Dollar
  • EUR - Euro
  • GBP - Pound Sterling
  • NZD - New Zealand Dollar
  • CAD - Canadian Dollar
  • JPY - Japanese Yen
  • CHF - Swiss franc
  • SGD - Singapore Dollar
  • HKD - Hong Kong Dollar
  • THB - Thai Baht
  • IDR - Indonesian Rupiah
  • CNY - Chinese Yuan
  • INR - Indian Rupee
  • MYR - Malaysian Ringgit

Currency pairings

Currencies are traded in pairs. The most commonly traded pairs on the currency exchange market are:

  • USD/CAD
  • EUR/JPY
  • EUR/USD
  • EUR/CHF
  • USD/CHF
  • EUR/GBP
  • GBP/USD
  • AUD/CAD
  • NZD/USD
  • GBP/CHF
  • AUD/USD
  • GBP/JPY
  • USD/JPY
  • CHF/JPY
  • EUR/CAD
  • AUD/JPY
  • EUR/AUD
  • AUD/NZD

The majority of trading in the FX market involves these 18 pairs. This makes for a more manageable number of options compared to dealing with equities, which has thousands of possible choices to consider. You'll often see conversion rates between these pairs illustrated by graphs on popular money conversion websites.

Currency exchange nicknames

In everyday foreign exchange market trading, news reporting and money converter tools, the currency pairs are often referred to by nicknames. Here are some of the most common...

  • Cable for GBP/USD
  • Fiber for EUR/USD
  • Chunnel for EUR/GBP
  • Loonie and The Funds for USD/CAD
  • Matie and Aussie for AUD/USD
  • Geppie for GBP/JPY
  • Kiwi for NZD/USD

Nicknames vary between the trading centres in New York, Sydney, London and Tokyo.

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