If the delivery date is a non-business day or a US holiday, move forward until an acceptable delivery date is found.
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Calculating expiry and delivery dates[ edit ] Time to expiry is usually quoted either as "overnight" or in terms of a number of days, weeks, months or years.
In general, the expiry date can be any weekday, even if it is a holiday in one, or both of the currencies, except 1 January. There are differing conventions depending on the period involved. Overnight[ edit ] For overnight trades, the expiry date is the next week-day after the horizon date, and the delivery date is calculated from the expiry date in the same way as spot is calculated from the horizon date.
This will result in an expiry date that is before the spot date. Days and weeks[ edit ] For a trade with a time to expiry of v days, the expiry date is the day v days ahead of the horizon date unless it is a weekend or 1 January, in which case the date is rolled forward to a weekday and for a trade with time to expiry of x weeks, the expiry date is the day 7x days ahead of the horizon date with the same conditions as above.
The delivery date is then calculated from the expiry date in the same way as the spot date is calculated from the horizon date.
Months[ edit ] For a trade with time to expiry of y months, the expiry date is found by first calculating the spot date, then moving forward y months from the spot date to the delivery date. If the delivery date is a non-business day or a US holiday, move forward until an acceptable delivery date is found. Finally, calculate the expiry date using an "inverse spot" operation; e.
If one leg of the currency pair is a non-deliverable currency, the expiry date must be a business day of that currency. Japanese yen Historically, this was established by a ranking according to the relative values of the currencies with respect to each other  , but the introduction of the euro and other market factors have broken the original price rankings. Mexican peso has higher priority than Japanese yen. Other currencies the Minors are generally quoted against USD.
Quotes against currencies other than USD are referred to as currency crosses, or simply crosses. Sometimes the term base currency may also refer to the functional currency of a bank or company; usually their domestic currency.
For example, a British bank may use GBP as a base currency for accounting, because all profits and losses are converted to sterling. The Majors[ edit ] The most traded pairs of currencies in the world are called the Majors. These are often reminiscent of national or geographic connotations. GBP is also referred to by traders as quid. The following nicknames are common:
The US Dollar v/s the Canadian Dollar is a popular currency pair due to the large amount of cross-border trading activity that takes place between The United States and Canada. The Canadian Dollar is often called 'The Loonie' because of the picture depicting a loon on the Canadian $1 coin.
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