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For example, the purchasing power of the US dollar relative to that of the euro is the dollar price of a euro (dollars per euro) times the euro price of one unit of the market basket (euros/goods unit) divided by the dollar price of the market basket (dollars per goods unit), and hence is dimensionless. This is the exchange rate (expressed as ...
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).
The U.S. Dollar Index ( USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, [1] often referred to as a basket of U.S. trade partners' currencies. [2] The Index goes up when the U.S. dollar gains "strength" (value) when compared to other currencies.
Euro. The euro ( symbol: €; currency code: EUR) is the official currency of 20 of the 27 member states of the European Union. This group of states is officially known as the euro area or, more commonly, the eurozone. The euro is divided into 100 euro cents. [6] [7]
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Gross world product. The gross world product ( GWP ), also known as gross world income ( GWI ), [1] is the combined gross national income (previously, the "gross national product") of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic ...
Reserve currency. A reserve currency is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency can be used in international transactions, international investments and all aspects of the global economy.
Say you earn an income of $2,000 a month. Following the 50/30/20 rule would mean allocating $1,000 to needs, $600 to wants and $400 to savings or high-interest debt. But if your monthly rent and ...