Using a currency conversion calculator makes it possible to easily convert one unit of currency into another. If you've never used one before, it's pretty self explanatory.
When using this particular converter, you simply choose the currency that you have and then choose the currency that you want to convert to. It then tells you the conversion based on the up-to-the-second monetary exchange rate.
Do Exchange Rates Fluctuate Much?
If you're new to this whole currency conversion business, you may find it strange that currencies fluctuate so much. To learn more about that, you can learn about what impacts foreign exchange currency rates here. In the grand scheme of things, exchange rates don't fluctuate drastically from one day to the next in most cases. In actual currency units, they fluctuate in very small fractions. From one day to the next, you probably wouldn't notice much in the difference between two currencies unless you traded a large amount of money...like thousands or millions of dollars.
What Affects Forex Exchange Rates?
Many factors combine together to impact Forex exchange rates, including which way the wind is blowing at exactly 2:08 P.M. on the third Tuesday of every month. But seriously, a lot of things go into it and it's definitely not an exact science. Retail sales, interest rates, new home construction, consumer confidence, the Fed policies and what traders think. So the market can fluctuate a lot based on what institutional traders do and what the overall perceptions in the market are.
If you're a rookie to all of this and you find it interesting, you might want to check out our introduction to the Forex market and see what you think. Trading currencies can actually be a very good way to supplement your income or to become your sole income. Feel free to bookmark this converter or share it with your friends through the Facebook and Twitter buttons below. Thanks for dropping by Forex Trading Rookie!