The European Economic and Monetary Union (EMU) Euro Currency Unit

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On January 1, 1999, eleven of the countries in the European Economic and Monetary Union (EMU) decided to give up their own currencies and adopt the Euro (EUR) currency: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. The Vatican City also participated in that changeover. Greece followed suit on January 1, 2001, Slovenia on January 1 2007, Malta and Cyprus on January 1, 2008, and Slovakia on January 1, 2009.

It is worth noting that any place that previously used one or more of the currencies listed below has now also adopted the Euro. This applies to the Principality of Andorra, the Principality of Monaco, and the Republic of San Marino. This of course applies automatically to any territories, departments, possessions, or collectivities of Euro-zone countries, such as the Azores, Balearic Islands, the Canary Islands, Europa Island, French Guiana, Guadeloupe, Juan de Nova, the Madeira Islands, Martinique, Mayotte, Reunion, Saint-Martin, Saint Pierre and Miquelon, to name just a few.

Euro bank notes and coins began circulating in the above countries on January 1, 2002. At that time, all transactions in those countries were valued in Euro, and the "old" notes and coins of these countries were gradually withdrawn from circulation. The precise dates that each "old" currency ceased being legal tender are noted in the table below.

For convenience, and because their values are now irrevocably set against the Euro as listed above, the XE.com Universal Currency Converter will continue to support these units even after their withdrawal from circulation. In addition, most outgoing Euro currencies will still be physically convertible at special locations for a period of several years. For details, refer to the official Euro site as listed in the Relevant Links section below.

A note about spelling and capitalization: the official spelling of the EUR currency unit in the English language is "euro", with a lower case "e". However, the overwhelmingly prevailing industry practise to spell it "Euro", with a capital "E". Since other currency names are capitalized in general use, doing so helps differentiate the noun "Euro", meaning EUR currency, from the more general adjective "euro", meaning anything even remotely having to do with Europe. This is particularly pervasive in marketing and advertising, where it is common to read statements like, "Try new Goop™ hair gel with genuine euro style and hold!" Nevertheless, this linguistic nuance is very subtle, even for native English speakers. it is also important to note that many languages have different official spellings of the name or EUR unit, which also may or may not coincide with general use.

For more information on the EUR, we encourage you to visit the Websites listed below, particularly the official one. These sites include recent news on the Euro as well as issues like implementation, spelling, legislation, and many more.

Daily Forex Analysis – Pounds To Dollars 1st September 2009

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Forex Technical Analysis

It is hard to see how the pounds to dollars pair is going to recover from the technically bearish position in the short term, with all three moving averages now pressing heavily on Sterling , and coupled with the strong support which has now effectively been breached in the last few days, any recovery higher will require a sustained effort and a large dose of US dollar weakness. Yesterday’s candle ended the forex trading session as a small doji, with the low of the day finding some support in the 1.62 price region, in much the same way as towards the end of last week, suggesting that the forex market is trying to rebase at this level. However as outlined above any attempt to move higher will need to breach all three moving averages as well as break and hold above the deep consolidation area, both of which seem unlikely at present. More likely is a re-test of the 1.60 price handle in the short to medium term, which may provide a stronger platform for any reversal higher once again. However, should this level be breached then a deeper move to 1.55 or below would be a possibility in the medium term.

Fundamental Forex Analysis

As we start a new month of fundamental news for Cable, the key data this morning will be the Manufacturing PMI number which is forecast to remain above the ‘50′ level, at 51.5 against a previous of 50.8, suggesting once again that we are seeing an industry in expansion rather than one in contraction. As a leading indicator it is one that the forex markets will watch closely, and indeed this picture is likely to replicated later in the US where we have the equivalent data in the afternoon for the US economy, which also shows a similar picture. The other main item of fundamental news in the UK are the Mortgage Approvals, which are expected to show a very small increase once again. All the other items of news are covered in more detail on the euro vs dollar site or on the economic calendar by following the appropriate link.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links. I have also included details on an excellent ECN broker.