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Why the U.S. Dollar is still 'King of the currency world'?
Tue, Jan 20 2009, 16:44 GMT
by Forex Journal's Collaborators
This article is taken from the Forex Journal (December 2008 issue).
The author, David Waring, is the founder and community host of www. InformedTrades.com; online communities devoted to helping traders of all experience levels find the quickest path to profitability.
- David Waring looks at reasons why the U.S. is and will continue to be the ‘King of the Currency World.’ His research provides many insights into the statistics that lay behind the fact that the U.S. dollar is included in most Forex trades.
Although there has been lots of news lately about the U.S. dollar losing some of its status, as of this writing there is no doubt that the dollar is still the King of the Currency World. There are several primary reasons for this that we will cover and which are behind the fact that no matter what currency a trader trades, pretty much everyone in the Forex market follows the U.S. dollar.
The first reason the dollar is the king of the currency world is the fact that it is a part of each of the world’s most actively traded currency pairs. According to the Bank of International Settlements and as listed here, these currency pairs account for 67% of the daily turnover in the Forex market. When you add the U.S. dollar/Swedish krona currency pair and all of the currencies categorized as “other” traded against the U.S. dollar, the total rises to 89%
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Other article in this issue:
Published on Tue, Jan 20 2009, 16:44 GMT
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Legal disclaimer and risk disclosure
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the authors and the publisher are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. In commodity trading, as in stock, and mutual fund trading, there can be no assurance of profit. Losses can and do occur. As with any investment, you should carefully consider your suitability to trade and your ability to bear the financial risk of losing your entire investment. It should not be assured that the methods, techniques, or indicators presented in this magazine will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples in this magazine are for educational purposes only. This is not a solicitation for any order to buy and sell. The information contained herein has been obtained from sources believed to be reliable, but cannot be guaranteed as to accuracy of completeness, and is subject to change without notice. The risk of using any trading method rests with the user.Related reports
Morning Report - Currencies were generally weaker against the US dollar by Westpac Institutional Bank
Mon, Nov 23 2009, 05:57 GMT
Currency Trading News - US Dollar Remains in Downtrend Despite Gains – High Event Risk Next Week by DailyFX
Mon, Nov 23 2009, 05:35 GMT
Market Morning Briefing - Market Morning Briefing by Kshitij Consultancy Service
Mon, Nov 23 2009, 03:32 GMT
Daily Forex Outlook - USD Carry Trade Under Threat by Easy Forex
Mon, Nov 23 2009, 02:59 GMT
FX Weekly Report - Dollar could be reaching the Rubicon by Trading Metro
Mon, Nov 23 2009, 02:09 GMT
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