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What is the mid-market rate of EUR (Euro) / USD (US Dollar) on Saturday May 30, 2020

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Get the latest mid-market rate for EUR (Euro) / USD (US Dollar) for Saturday May 30, 2020 right here. 

The latest rates for EUR (Euro) / USD (US Dollar)  are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest Forex Market data to bring you live information to help you make the right forex trading decisions. 

Saturday May 30, 2020 1 EUR (Euro) is worth 1.1105 of USD (US Dollar) . 

Remember to always trade with a reputable broker. It’s also possible to apply forex concepts to cryptocurrency trading.

Forex pairs explained

Considering making a trade? Forex is one of the most volatile markets in the world and there are hundreds of currency combinations to choose from. Understanding how the market works is key and we’re here to help you.

Currencies are always traded in pairs. When you buy or sell one currency you automatically buy or sell another. In every currency pair there is a base currency, in this case EUR (Euro) and a quote currency USD (US Dollar).

The price displayed for a currency pair represents the amount of quote currency, or USD (US Dollar) you will need to spend to purchase one unit of the base currency EUR (Euro) In this example that means you need to spend 1.1105 of USD (US Dollar) in order to purchase 1 EUR (Euro).

The three types of forex pairs

Forex pairs can be broadly separated into three categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies are the most traded currencies on the market. Which currencies make the cut will vary, but almost all lists will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • Commodity currencies are currency pairs where their value is closely tied to a commodity such as oil, coal, or iron ore. Examples include AUD/USD and USD/CAD
  • Cross currencies are currency pairs which don’t include USD. Examples include EUR/GBP and EUR/JPY.

What are the most traded forex pairs in the world?

  1. EUR/USD (Euro/US Dollar)
  2. USD/JPY (US Dollar/Japanese Yen)
  3. GBP/USD (British Pound Sterling/US Dollar)
  4. AUD/USD (Australian Dollar/US Dollar)
  5. USD/CAD (US Dollar/Canadian Dollar)
  6. USD/CNY (US Dollar/Chinese Renminbi)
  7. USD/CHF (US Dollar/Swiss Franc)
  8. USD/HKD (US Dollar/Hong Kong Dollar)
  9. EUR/GBP (Euro/British Pound Sterling)
  10. USD/KRW (US Dollar/South Korean Won)

Is cryptocurrency trading the same as forex trading?

While cryptocurrency trading shares many similarities to forex trading there are some key differences. Yes both markets are volatile and have the idea of “pairs” but cryptocurrencies are broadly unregulated and fall into a larger number of categories. The crypto market is complicated and very difficult for a novice investor to navigate.

To make matters more confusing most cryptocurrency trades take place on exchanges. These are typically unregulated and come with a higher degree of risk than using a broker. Many traders opt to use a CFD broker with crypto pairings.

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