Are you having trouble understanding what currency strength is? Then this article will help you!
Many people have heard the term “currency strength” but don’t fully understand what it means. In short, it’s a measure of how strong a specific currency is compared to all other currencies in the world. So why is this so important?
Here are three things you might not know about currency strength:
1. Everyone can benefit from knowing about currency strength.
Whether you’re an individual making an international purchase, a small business owner working with international suppliers; or a large corporation doing cross-border transactions; knowing how strong your currency is against others can help you make well informed decisions about future purchases and sales.
2. Currency strength is not only related to a single currency
People often think of currency strength as something that has to do with a single currency. That’s not exactly the case since currency strength is actually relative to other currencies. If one currency goes up, another one will go down.
3. Currency strength is different from correlation
If something is strongly correlated with another thing, it means they move together in the same direction most of the time. It’s usually positive correlation, but it can also be negative correlation when they move in opposite directions.
Know About Currency Strength with Exchangr
Now, when we think of currency strength, many of us only think of the U.S dollar or the Euro but there are actually over 100 currencies in the world today! That’s a lot of data to keep track of! Luckily, Exchangr API can help you quickly get accurate information on them. Furthermore, not only you will able to get real-time data, you can also see historical information about the currencies you are most interested in.
Exchangr is a foreign exchange API that delivers accurate and reliable information about FX rates and currency conversions. With it, you can get data about 170 world currencies, including some cryptocurrencies. This way, you can understand what is currently hapening in the world of economic, and decide if you should invest in here, or maybe buy from there, and so on!
This API is cost-effective too! You can choose betweens using its Free Version, or pay budget-friendly $10 monthly for advanced API access and perks. You can analyze its Pricing by clicking here.
Exchangr is practical
This forex API allows anyone to dave time while converting currencies, and obtaining foreign exchange rates. This is all without having to go through the additional precautions of determining what the rate will be on any particular day.
Exchangr offers a free service that is very complete. If your needs are simple, you will be all set with the Free Plan. Just follow these steps:
First, click here to sing up and get your API key. Afterwards, choose the currencies (or cryptocurrencies) for which you’d like to get rates or convert. Finally, perform an API cal. You will need your API key for this. Also, if you are having trouble, you should read the information provided by Exchangr’s Documentation (click here), to understand how you can successfully execute the API call.
With that, you’ll have the data in your hands in a flash!
So, what are you waiting for? Obtain, compare and analyze currency strength with the help of Exchangr API!
Related post: A Foreign Exchange API To Thrive And Save Money
Also published on Medium.