Countries and Their Currencies
If you have ever wondered what currency some three-letter code stood for while going through the market watch on your trading terminal, then you are in the right place. In this post, I will be examining all the significant currencies traded on the spot forex market, their countries, and their codes.
The forex market is one in which the currencies of countries are traded. In the forex market, currencies are grouped in pairs to be traded. As such the price or quote of the pair is a value that states the value of a currency in relation to another.
For example, if the price of the pair EURUSD is 1.0829, then this simply means that 1 EUR is worth 1.0829 USD or 1.0829 USD is needed to buy 1 EUR.
You might have noticed that the currencies were not expressly named, rather they were represented by three letters. This code is called the ISO 4217 currency code. The first two letters of the code represent the country, while the last letter represents the name of the currency. Taking currencies from our previous example, USD stands for United States Dollar. EUR is just short for Euro. This is because multiple countries use the Euro.
Fun fact: The currency letter code SOS exists. It stands for the Somali Shilling.
Countries, their Currencies and Code
The table below contains the countries, currencies, and codes for the most traded currencies in forex.
|1||United States of America||United States Dollar||USD|
|4||United Kingdom||Pound Sterling||GBP|
|8||China||Renminbi/ Chinese Yuan||CNY|
|9||Hong Kong||Hong Kong Dollar||HKD|
|10||New Zealand||New Zealand Dollar||NZD|
|12||South Korea||South Korean Won||KRW|
|18||South Africa||South African Rand||ZAR|
|21||Taiwan||New Taiwan Dollar||TWD|
|28||Israel||Israeli New Shekel||ILS|
You can view more countries, their currencies, and their codes here.
Now you know the codes of the most traded currencies in the world. You can now go back to your terminal confidently, and trade like a boss.
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