Top 10 Valuable Currencies in the World to Trade
Traders are always in search of new opportunities. As the world is ever-changing, and so is the situation in the Forex market, sometimes they face a choice: to go for volatile currencies or settle for the more stable ones. Or maybe even go for the currencies priced above parity versus the US dollar.
Today we want to share with you the top 10 currency list for trading. Our analysts worked through the list from various points, considering the background of every currency. Some of them you can trade with FBS already now.
Let’s have a look at the top 10 currencies in the world.
10. Canadian Dollar – CAD
The Canadian dollar is the currency of Canada and one of the most traded currencies on the Forex market. As the country is well known for its stability in various spheres, including economic, social, and political ones, financial institutions tend to hold CAD as a reserve currency.
9. United Arab Emirates Dirham – AED
The UAE dirham is the domestic currency of the United Arab Emirates. It is considered to be one of the most stable currencies in the world (in terms of the exchange rate). As the country relies heavily on oil and gas exports, they pegged AED to USD to tame the potential volatility. To this day, the exchange rate of USD to AED remains relatively stable.
8. Israeli New Shekel – ILS
The Israeli new shekel is the currency of the State of Israel. As for the country, it is believed to be innovative and advanced in the case of technologies. The resilient banking sector of Israel, which recovered fast enough from the global financial crisis of the 2000s, is quite promising too.
Another important point is that this currency is not pegged to any other currency.
7. Russian Ruble - RUB
You may be surprised by the Russian ruble on the list of top 10 currencies worldwide, but if you give it a chance, you will see why it is here.
So the Russian ruble is the official currency of the Russian Federation. RUB has a long history of almost 500 years and is one of the oldest currencies. The country is one of the world’s largest economies; its main exports are resources, mainly gas and oil.
As the world is struggling with a resource shortage, soaring prices support the currency, giving it a strengthening potential.
6. Great British Pound – GBP
Of course, where do we go without the Great British Pound, the official currency of the United Kingdom, one of the world's economic centers? Just like RUB, GBP is one of the oldest currencies and is among the most traded ones.
Even though the UK economy’s future may still feel unclear after Brexit, it remains strong enough to seize market opportunities.
By the way, if you decide to try trading, you can open an account at FBS broker right now. Even if you are a novice, you can learn more about the Forex currency pairs and start trading.
5. Euro – EUR
Next on the list, we have the euro. It is the primary currency of the European Union. This currency is relatively young: it was adopted in 1999. EUR is known as the second world reserve currency and one of the most traded and liquid currencies. It is so popular that there exist special strategies invented for trading the EURUSD pair.
Thanks to the euro, trade, and tourism in the Eurozone increased. For now, the currency may struggle due to the events shaking Europe, but it is still a good hit for traders.
4. Swiss Franc – CHF
We could not pass up the Swiss franc in the top 10 currency list. It is the official currency of Switzerland and Liechtenstein.
Switzerland is known as one of the wealthiest countries in the world, with two dominating sectors: tourism and banking. Important to mention that the country holds a big percentage of offshore funds. The Swiss franc is considered a safe haven for investors for stability and low inflation.
As of the beginning of June, the Swiss franc strengthened against the USD. And traders are quite active with CHF currency pairs in the Forex market.
3. Japanese Yen – JPY
The Japanese yen has all chances to make it to the top of most valued currencies for traders.
Being among major currencies, the Japanese yen, the official currency of Japan, is one of the seven reserve currencies in the world. It is also one of the most traded currencies.
As one of the world's largest importers and exporters, Japan may be proud of its technological base, adopting cutting-edge innovations. In its turn, the Japanese yen is often addressed as a safe haven for investors during times of uncertainty.
By the way, if you feel like you need to get the actual currency rates, you can always use the FBS Currency Converter.
2. Chinese Yuan – CNY
The Chinese yuan is the official currency of the People's Republic of China. You may have heard the word "renminbi" when learning more about CNY. It is good to know that "renminbi" refers to the name of the currency. And in return, the yuan is the basic unit of the currency. Still, the official currency code for the Chinese currency is CNY.
It is a fact that China is the second-largest world economy by GDP. It has also been the fastest growing economy, which resulted in becoming the grandest producer and exporter. China hits the top in many senses, like possessing the three largest stock exchanges, being the global leader in terms of workforce, and climbing up the first places thanks to effective economic reforms.
1. US Dollar – USD
Well, we could not miss the most powerful currency in the world. The icing on the cake becomes the US dollar, which is the official currency of the United States.
USD is the currency that is famous across the whole world. This currency is trusted to be the world's reserve currency, as well as the most traded one. Most of the currency reserves comprise USD as a major part of it. No doubt, USD is the most valuable currency in the world, and being the #1 choice for international trade across the globe is proof of that.
Summary
Now you know more about the most valued currencies. This top 10 is good to consider if you are about to start trading. And most currencies from this top can be traded with FBS. So if you are ready to dive into trading right now, join us.