Are you seeking a free foreign exchange API? In this post, we’ll suggest one with the most traded currencies!
To this day, the most traded currency in the world remains the US dollar. The average of operations per full day is the sum of 6.6 billion USD. In addition to this coin, there are only a few more that complete 90% of the operations.
These are Euro (EUR), Japanese Yen (JPY), British Pound (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Chinese Renminbi (CNH), the Hong Kong dollar (HKD), and the New Zealand dollar (NZD).
Dollar
The US dollar (USD) is currently the world’s largest currency standard issued by the Federal Reserve (Fed). The central banks of nations around the world choose to hold reserves in this currency within their country. Although interest rates have risen in recent days and the currency is receding from being the largest reserve of central banks in countries other than the US, it is still the most important.
Even many other markets set their prices in this currency such as metals, or grains. Other countries dollarized their economies such as Ecuador and Panama. In turn, this currency not only reflects the US economy but also those of these other countries.
Euro
On the other hand, the official currency of the European Union is the euro. This makes it the second most traded in the world. The European Central Bank (ECB) issues it. The popularity of the euro is mainly due to the size and economic weight of the area in which it is used, the eurozone, which currently comprises 19 of the 28 EU countries. As is well known, this currency represents the largest economies in the world such as France, Germany, and Italy.
Japanese Yen
A currency that has a very important weight is the Japanese yen. This is the official currency of the State of Japan and the third most traded worldwide, representing an average daily volume of close to 554 billion USD. Currently, many central banks are increasing their reserves in this currency while reducing their reserves in dollars.
The value of the yen depends heavily on the strength of the Japanese economy and, in particular, its manufacturing sector, which is responsible for major exports such as vehicles, electronics, tools, ships, and textiles.
The value of the yen tends to rise in proportion to the increase in demand for these products, although many forex investors also pay close attention to economic releases. At this time it is important to pay special attention to supply chain bottlenecks that can expect a big drop in the Yen.
Use An API
As you can see, the operation of a currency can be extremely complex. In each one and all of them, a series of factors intervene that it is important to take into account. It is important to use this information to be able to buy currencies at the optimal time. However, it is in your best interest to get this information organized and up-to-date.
Use an API to obtain information on your preferred currencies in real-time with historical rates and FOREX data. An API is a software that allows you to embed real-time, automatically updated information into websites and apps. In this way you select the data you want to obtain. In addition, with this information, you will be able to advise your clients and it will provide them with a lot of confidence. Try it with Exchangr.
About Exchangr
This is an API that will allow you to convert any currency into any other. It has information on the most important currencies in the world as well as 170 more currencies. You can use it in countless programming languages like JSON, PHP, and Ruby. It also has information on futures markets. With this API you will know when is the best time to buy currencies and increase your profits.