Get to know the Euro – the new kid on the block

Although the Euro hasn’t been around for very long, it sure has big making plenty of waves since its arrival in the international forex arena, and has become a major currency with a lot of weight.

The Euro was launched into the forex market on 1999 as the official currency of the European Union. Many people don’t know that the Euro was not accepted as official tender by all of the member states of the union, and in fact only the residents of 15 countries in the EU carry Euros in their pockets when they go grocery shopping. These 15 states are referred to as the Euro Zone and it is these countries’ economies that affect the Euro’s faring in the market the most, although these economies are of course heavily influenced by the rest of the economies in the union.

In its short lifespan the Euro has already succeeded in surpassing the USD as the single most circulated currency in the world, though it is still lagging behind as only the second most widely held reserve currency, after the USD. As for the Euro’s value against the USD, having started below the dollar in 1999, the Euro quickly overtook it in 2002 and has maintained supremacy ever since.

Generally, it is the most traded currency in the forex market, after the US dollar, and until recently was considered to be the safe bet against the USD since its unprecedented plummet in late 2007.

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