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USD Foreign Exchange
The dollar symbol denotes any dollar-based currency system and is designated by the dollar sign, $. The United States dollar is noted with just the symbol before numerals, as USD or as US$, although the latter two examples are generally not used in casual applications.
US currency is based on the decimal system, noting two spaces to the right of the decimal except in specialised tax or price accounting. The smallest unit of currency in the United States is the one cent piece, nicknamed a 'penny.' One US dollar currently comprises 100 one-cent pieces, although the one-cent pieces were not incorporated into the currency system until well after the United States became independent from England.
The United States dollar is considered and used as the currency of international trade and business, although payment for goods and services can be made in other currencies. Followed closely by the euro, the US dollar is the standard of currency in international commodities markets, such as those for gold and oil.
World's Reserve Currency
The USD is the foremost reserve currency in the world. Central banking systems as well as private holdings around the globe have on deposit quite substantial amounts of USD banknotes in $100 denominations, called 'euro-dollars' regardless of actual location.
The United States dollar is most commonly noted on the Foreign Exchange or Forex Market as USD and is one of the 18 currencies traded most often.
Although a three-digit code exists, the three-character alphabetical designation is most widely known.
When trading the US dollar against another nation's currency, each currency is designated in the same format. One currency pair is never noted with one alphabetical with the other numerical.
The US Reserve sets the daily value of the US dollar, but its relative value to other currencies can change daily or more often, depending on events, politics and inflation indexes, to name only a few factors.
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