Are you searching for an API with the latest exchange rates? Read this post and learn how to get one!
The foreign exchange market is one of the markets in the world. It is the commercial center of global supply chains. In addition, most of the world’s importers and exporters are concentrated there. This is because in this market both spot and future transactions are made for the purchase and sale of currencies from most of the countries in the world.
Thus, the prices of currencies depend on several factors. To begin with, the value of a currency represents, on the one hand, the place that the economy of that country has in the world.
For example, the size of its GDP, what role the economy plays in the global supply chain: for example, if it is more primary as an exporter of raw materials or if it is strategic from the point of view of industrial development.
To see this, the role that the United States or China, which are large manufacturing countries, can have is not the same as Argentina or Peru, which are mainly agro-exporting countries. In these differences, there is enough illustration to see what is the state of the value of the currencies of each country.
On the other hand, it also has to do with geopolitical factors and crisis or internal conflict. For example, dollar reserves in central banks around the world have fallen sharply. On the other hand, the FED raised interest rates so its price rose globally compared to other currencies.
All these illustrations can be seen in a much more simplified way. That’s why if you want to participate in the foreign exchange market or assist people who do, you can get an API. With it, he will give up-to-date information on this market.
An Exchange Rate API
Programmers use APIs to incorporate pre-built information into the structure of websites or apps. In this case, it is necessary to acquire one with the latest prices in the foreign exchange market. From being able to see their changes minute by minute, viewers will be able to decide the best time to invest.
However, it is not enough with that information alone. You can understand the behavior of currencies if you obtain values of different moments and watch fluctuation data. In this sense, it is important to acquire an API with complete functionalities such as Exchangr.
More About Exchangr
Exchangr is a popular API among programmers worldwide due to its versatility. To begin with, the API exists in a variety of languages, including Python, Ruby, JSON, C#, and PHP. Second, it delivers a plethora of new financial data from across the globe.
Nevertheless, you can observe more than just the present currency prices. You will also be able to study past rates to have a better understanding of the elements that drive and determine currency pricing. Furthermore, you may track its evolution over time. The API provides trustworthy information since it obtains its data from major financial institutions such as the World Bank.