In currencies, this is the abbreviation for the Namibia Dollar. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
The currency abbreviation for the Namibian dollar (NAD), the currency for Namibia. The Namibian dollar is made up of 100 cents and is often presented with the symbol $ or N$ to set it apart from other dollar-denominated currencies. |||The Namibian dollar replaced the South African rand in 1993, three years after Namibia gained its independence from South Africa. Because the dollar is pegged to the rand at par, the rand is still legal tender in Namibia, and both currencies circulate alongside each other in the nation.
In currencies, this is the abbreviation for the Nigerian Naira. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
The currency abbreviation for the Nigerian naira (NGN), the currency for Nigeria. The Nigerian naira is made up of 100 kobo and is often presented with a symbol that looks like the capital latin letter "N" with two horizontal slashes through the middle. |||Before the naira, Nigeria used an undecimalized system of pounds, sterling and pence. The Nigerian naira replaced the old system in 1973 at a rate of 2:1. By 2008, inflation in Nigeria had dramatically devalued the currency and it was scheduled to be redenominated until this action was canceled by the country's president.
A 2009 rule implemented by the U.S. forex industry's self-regulatory organization, the National Futures Association (NFA), regarding forex trading by U.S. regulated forex companies. It prohibits hedging by requiring multiple positions held in the same currency pair to be offset on a first-in, first-out (FIFO) basis. It also prohibits price adjustments to executed customer orders except to resolve a complaint in the customer's favor or in the case of certain straight-through processing transactions, and these changes must be reviewed, approved and documented by the NFA. |||Traders refer to Rule 2-43b as the FIFO rule. The rule's supporters say it increases transparency for customers and brings forex trading practices more in line with those of the equities and futures markets. The change forced many forex firms to change their trading platforms because the old software allowed users to choose which orders they want to close out, thus not complying with the FIFO rule. Under the new rules, it is still possible to place stop and limit orders, but they must now be entered differently. It was also possible to avoid the changes altogether by moving one's forex account to a firm in another country where forex trading rules are different.
In international markets, the difference in the interest rates of two distinct economic regions. If a trader is long the NZD/USD pair, he or she owns the New Zealand currency and borrows the US currency. These New Zealand dollars can be placed into a New Zealand bank while simultaneously taking out a loan for the same amount from the U.S. bank. The net interest rate differential is the difference in any interest earned and any interest paid while holding the currency pair position. |||The net interest rate differential reveals the difference in interest rates offered between two countries. This differential is typically used to price currency forward contracts through the interest rate parity equation. A discrepancy between fundamental parity conditions and actual interest rates offered presents a currency arbitrage opportunity.
A forex trading strategy in which a long position is held on a low-interest currency and a short position is held on a high-interest currency. A negative carry pair is the inverse of a positive carry. Because there is a cost with maintaining the long position until the expiration of the position, it is considered "negative". A negative carry implies that the futures price is higher than the current spot price of the underlying asset. |||For countries with high short-term rates, the cost of the negative carry on a low-yielding reserve can be serious. For example, a long USD/EGP position when annual interest rates in Egypt are 8.5% and interest rates in the U.S. are 1% will cost 7.5% a year in carry. The investor can either abandon the option and forgo potential future returns created by interest rate volatility, or sell EGP and incur the cost of borrowing the currency at 8.5% and lending U.S. dollars at 1%.
The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is usually the predominant currency used for most financial transactions in that country. |||A handful of national currencies such as the U.S. dollar and the euro have achieved global status as reserve currencies and are extensively used in international trade transactions. The euro has supplanted the national currencies of a number of nations that comprise the European Union. The national currencies of some countries such as the United Arab Emirates are pegged or fixed to the U.S. dollar.
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