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Home Categories Guide to Forex Trading An indirect quotation in the foreign exchange markets expresses the amount of foreign currency required to buy or sell one unit of the national currency. Inflationary hedging can be used to offset an expected fall in the price of a currency. The interbank market is a global network used by financial institutions to trade currencies and other currency derivatives directly among themselves. Interest rate differential (IRD) simply measures the difference between the interest rates of two different instruments. The International Fisher Effect (IFE) states that differences in nominal interest rates between countries can be used to predict changes in exchange rates. The Iranian rial (IRR) is the national currency of the Islamic Republic of Iran. ISO currency codes are three-letter alphabetic codes representing the various currencies used throughout the world. The Japanese yen is the third most traded currency in the world after the US dollar and the euro. JMD is the abbreviation for the Jamaican dollar, the official currency of the island nation of Jamaica, and is divided into 100 cents. The Jordanian dinar (JOD) has been the national currency of Jordan since 1950.