<strong>Der US Dollar</strong>

Der US Dollar ist die Welthauptwährung und das universelle Mass um den Wert anderer Währungen auf Forex zu messen. Alle Währungen sind generell in US Dollar ausgewiesen. Entsprechend dem Breton Woods Abkommen wurde der US Dollar nach dem 2. Weltkrieg die internationale Leitwährung. Die Einführung des Euro hat den Dollar aber nur marginal geschwächt. Die weiteren wichtigen Währungen sind der Euro, der japanische Yen, das britische Pfund und der Schweizer Franke.

 

<strong>Der Euro</strong>

Der Euro wurde als Gegengewicht zum Dollar entwickelt. Wir der Dollar hat der Euro eine starke internationale Ausrichtung. Die Währung wird von ungleichem Wachstum in den Euroländern, hoher Arbeitslosenquote und reformunwilligen Regierungen geschwächt. und  Like the U.S. dollar, the euro has a strong international presence

stemming from members of the European Monetary Union. The currency remains plagued by

unequal growth, high unemployment, and government resistance to structural changes. The pair

was also weighed in 1999 and 2000 by outflows from foreign investors, particularly Japanese,

who were forced to liquidate their losing investments in euro-denominated assets. Moreover,

European money managers rebalanced their portfolios and reduced their euro exposure as their

needs for hedging currency risk in Europe declined.

 

<strong>The Japanese Yen</strong>

<strong></strong>The Japanese yen is the third most traded currency in the world; it has a much

smaller international presence than the U.S. dollar or the euro. The yen is very liquid around the

world, practically around the clock. The natural demand to trade the yen is concentrated mostly

among the Japanese keiretsu, the economic and financial conglomerates. The yen is much more

sensitive to the fortunes of the Nikkei index, the Japanese stock market, and the real estate

market.

 

<strong>The British Pound</strong>

<strong></strong>Until the end of World War II, the pound was the currency of reference. The

currency is heavily traded against the euro and the U.S. dollar, but has a spotty presence against

other currencies. Prior to the introduction of the euro, both the pound benefited from any doubts

about the currency convergence. After the introduction of the euro, Bank of England is attempting

to bring the high U.K. rates closer to the lower rates in the euro zone. The pound could join the

euro in the early 2000s, provided that the U.K. referendum is positive.

 

<strong>The Swiss Franc</strong>

<strong></strong>The Swiss franc is the only currency of a major European country that belongs

neither to the European Monetary Union nor to the G-7 countries. Although the Swiss economy is

relatively small, the Swiss franc is one of the four major currencies, closely resembling the

strength and quality of the Swiss economy and finance. Switzerland has a very close economic

relationship with Germany, and thus to the euro zone. Therefore, in terms of political uncertainty

in the East, the Swiss franc is favored generally over the euro. Typically, it is believed that the

Swiss franc is a stable currency. Actually, from a foreign exchange point of view, the Swiss franc

closely resembles the patterns of the euro, but lacks its liquidity. As the demand for it exceeds

supply, the Swiss franc can be more volatile than the euro.