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OANDA is electronically connected to numerous global banks to access the best currency rates for its forex traders, and electronic algorithms on OANDA’s fxTrade servers update exchange rates tick-by-tick, in periods of less than a second. The currency rates shown on this page are updated less frequently, but are still a close reflection of the rates available to forex traders right now.
The euro is used by over 320 million Europeans and 17 nations in the eurozone (euro area).
Over 175 million people use currencies pegged to the euro, such as the Danish krona (DKK) and West African CFA franc (XOF).
Eurozone economies vary widely. Germany is the largest economy, and a leading world exporter. Other economies (Ireland, Greece) endure sovereign debt and severe government austerity measures.
“Rand” refers to Witwatersrand, the ridge where Johannesburg stands that contains most of the country’s gold deposits.
South Africa is a middle-income, emerging market with abundant natural resources and well-developed infrastructure.
South Africa is the world’s largest producer of platinum, gold, and chromium. In addition to these and other metals, it exports machinery, equipment, diamonds.
Relatively high interest rates make ZAR a popular carry trade currency.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
