The official currency of Germany until Germany's adoption of the euro in 1999. The deutschmark replaced the Reichsmark in 1948, following the second World War. It was the currency of West Germany until reunification. |||Deutschmark coins and bank notes were left in circulation from 1999 until 2002, at which time they were taken out of circulation and ceased to be legal tender. The German central bank, the Deutsche Bundesbank, continues to allow the conversion of the deutschmark into euros. The deutschmark was long-considered one of the most stable currencies, especially compared to the currencies of other European countries.
Germany's benchmark stock market index, it is a total return index of the 30 largest German blue-chip companies traded on the Frankfurt Stock Exchange. The Deutsche Aktien Xchange 30 (DAX 30) had a base value of 1,000 as of December 31, 1987. It was previously known as the Deutscher Aktien Index 30. |||Companies included in the DAX index have historically included household names such as Adidas, BMW, Deutsche Bank, Siemens and Volkswagen. By virtue of being a proxy for the performance of the German stock market, the DAX index is one of the most important equity indexes in Europe and worldwide.
The currency code for the Danish krone ("crown"), the official currency for the country of Denmark as well as the provinces of Greenland and the Faroe Islands. The Danish krone (DKK) was made the formal currency of Denmark in 1873, replacing the former Danish rigsdaler, and was tied to the gold standard. |||Denmark created the krone currency as part of the dissolution of the country's participation in the Scandinavian Monetary Union with Sweden and Norway. The union dissolved in 1914, along with the gold standard, and the three participating countries chose to keep their own individual currencies. The krone was pegged to the German mark briefly, then to the British pound and later again to the German mark. Today the krone is tied to the euro. The currency market, also known as the foreign exchange market, is the largest financial market in the world.
The ISO 4217 currency code for the Djiboutian franc, the official currency of the country of Djibouti. The Banque Centrale de Djibouti issues the DJF. It mints coins in 1, 2, 5, 10, 20, 50, 100 and 500 denominations. It prints banknotes in 1,000, 2,000, 5,000 and 10,000 denominations. |||Djibouti is situated on the Gulf of Aden and is sandwiched between Somalia, Ethiopia and Eritrea. Because the country was formerly a colony of France, the djibouti was legally linked to the value of the French franc in 1908. It became an independent currency, and was pegged to the U.S. dollar, in 1949. The currency market, also known as the foreign exchange market, is the largest financial market in the world.
A forex trading strategy in which multiple carry trades are conducted simultaneously in order to limit risk. A diversified carry basket uses diversification to reduce exposure to a particular currency position, and can include both major currencies as well as more exotic ones. |||Just as an investor managing a portfolio of securities will take positions in different industries and sectors, forex traders can diversify their holdings by investing in several different currency pairs. It is also important to determine the relationship and potential correlation between currencies before investing because the correlation among pairs will affect the degree of diversification in the basket.
Currency forward points that are subtracted from the spot rate, to obtain a forward rate for a currency. In the currency markets, forward spreads or points are two-way quotes, that is, they have a bid price and an offer price. In a discount spread, the bid price will be higher than the offer price, while in a premium spread, the bid price will be lower than the offer price. |||For example, assume a euro spot rate of EUR 1 = 1.4000 / 1.4002 USD, and that six-month interest rates for the euro are higher than for the USD. If the discount spread for six months is 25 / 24, the six-month euro rate will be EUR 1 = 1.3975 / 1.3978 (1.4000 - 0.0025 and 1.4002 - 0.0024).
A system of floating exchange rates in which the government or the country's central bank occasionally intervenes to change the direction of the value of the country's currency. In most instances, the intervention aspect of a dirty float system is meant to act as a buffer against an external economic shock before its effects become truly disruptive to the domestic economy. Also known as a "managed float". |||For example, country X may find that some hedge fund is speculating that its currency will depreciate substantially, thus the hedge fund is starting to short massive amounts of country X's currency. Because country X uses a dirty float system, the government decides to take swift action and buy back a large amount of its currency in order to limit the amount of devaluation caused by the hedge fund.A dirty float system isn't considered to be a true floating exchange rate because, theoretically, true floating rate systems don't allow for intervention.
A foreign exchange rate quoted as the domestic currency per unit of the foreign currency. In other words, it involves quoting in fixed units of foreign currency against variable amounts of the domestic currency. |||For example, in the U.S., a direct quote for the Canadian dollar would be US$0.85 = C$1. Conversely, in Canada, a direct quote for U.S. dollars would be C$1.17 = US$1.
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