Currency Exchange Rates
Currency exchange rates have a major impact on the Forex market and on entities that have to trade with other countries regularly. You'll even be impacted by currency conversion when you need to travel to another country. Regardless of your reason for needing to exchange currencies, the exchange rates will have a pretty big impact on you. Below you'll find a currency converter that you can use to figure out how much your currency is worth.
How to Use
This foreign exchange converter is pretty basic and easy to use. Can you enter text into a box? Yes? Well, good because that means you can use this tool. If you want to figure out what your currency is worth based on current exchange rates, you choose the currency that you want to convert from and the one that you want to convert to.
At that point, you simply type in the amount of currency that you have in the first box. Once you do this, you'll see that the currency amount automatically fills itself into the other box.
What Causes Exchange Rates to Fluctuate
If you've ever paid attention to rates, you've seen them fluctuate...a lot. They change almost every second based on a number of different factors. So what are the factors that influence these rates?
The economy, interest rates, the Federal Reserve, house sales, investor sentiment and a lot more. If you want to keep up with what's going to impact the Forex market and currency conversion rates, you'll need to watch the announcements on the economic calendar like the one you'll see at Forex Factory.
Trading the Market
If you're interested in exchange rates, you might be interested in making money off of trading currencies. You can trade the Forex market and make money off of the changes in the exchange rate between two currencies. If you'd like to find out more about how this works, feel free to check out our Guide to Forex Trading and learn the basics. Then spend some time surfing around the site and learning the rest of what you need to know. Thanks for dropping by Forex Trading Rookie.
