» Order Forex Course » Member Login » Contact

EUR = ECU (international European currency, Euro, ECU)
USD = US dollar
GBP = STG (sterling)
CHF = SWF (Swiss Franc, swissie)
JPY = YEN (Japanese yen)

Rates for converting currencies of 11 countries into the new common currency Euro were announced by ministers of finance of European Union member countries.

The Euro

With effect from midnight 1st January 1999 European time, Euro became the official currency for 11 European Union member countries, although notes and coins will not be in circulation until 2002. Great Britain, Sweden, and Denmark do not participate in the conversion process.

Conversion rates announced by the ministers are as follows

1.95583 German marks

6.55957 French francs

1936.27 Italian lira

166.386 Spanish pesetas

200.482 Portuguese escudos

5.94573 Finnish markka

0.787564 Irish punts

40.3399 Belgian/Luxembourg francs

2.20371 Dutch guilders

13.7603 Austrian schillings

340.750 Greek drachmas

The currency trading strategy involves financial establishments permanently in quoting buy and sell rates of various currencies and transactions therewith, and are called market makers. Market makers represent 20% of world banks that transact approx. 60% of all deals.

© Copyright 2004 ForexMentor.com. All rights reserved. disclaimer - privacy - guarantee