The forex market is the largest market in the world. Like any other trading platform, there are risks involved, risks that could see you lose big bucks. Nevertheless, guided with the right information and the most accurate trading tools, it can help you to make significant gains in the foreign exchange market. Among the things you’ll need to know, especially for those interested in trading in currencies, is the performance of various currencies in the world. Analyzing the shifts in currency values will help shape your trades. This way, you’ll always know when to buy or sell.
There are, of course, financial indicators that you can utilize to better understand the shifts in the market. Most importantly, you’ll need to be up to date with international market news. Timing your trades is also of great importance when making trades in the forex market. But with the recent outbreak of the coronavirus pandemic, it’s become even harder to make accurate predictions. Additionally, the outbreak has greatly affected economies and world currencies have suffered a major blow. That said, below are currencies that are worth the investment in 2024.
Euro
The euro stands as one of the most traded currencies in the world, even amidst the shifts in the forex market today. Like so many currencies, the euro started on a low, actually, at 1.12 compared to the dollar. It soon picked up and rose to a high of 1.14 against the expectations of traders. The ripple effects of the coronavirus pandemic meant instability not only on the euro curve but to other currencies as well. If you carefully look at this page, and from the historical charts that are from credible sources, you’ll have a grasp of the euro trading trends over the past months. It will be of great importance that you also compare the euro exchange rates in other markets. This will provide you with insights into the best times to trade.
In May, the euro gained a 1.7% lead against the dollar. It’s predicted that it would most likely rise higher than that since the European countries are about to open their internal trading borders. In addition to this, the euro is most likely to grow because the US dollar hasn’t picked up the pace till now.
The Norwegian Krone
The Norwegian krone is the currency used by the people of Norway. Norway, being the 15th largest oil selling country in the world, has higher chances of standing a chance against the world’s strongest currencies. While the Norwegian Krone might not be a stable currency, well, it seems like 2024 is the year to invest in it. Another reason to invest in the Norwegian Krone is that, compared to other currencies, it has not been primarily affected by the coronavirus pandemic. By following strict lockdown rules set by the Norway government, the Norwegian krone currency has risen from 0.11$ to 0.08$ from January to March 2024.
Norway is one of the countries that have had the lowest death rates from the coronavirus. This has played a significant role in their currency improving in the forex market. Norway has yet to expand its national debts even amid the pandemic. Also, the government of Norway has lifted its lockdown, but under strict restrictions to minimize the risk of another wave of attack. The rise in oil prices also means that their currency will continue on an upward trend for the foreseeable months to come.
AUD: Australian Dollar
The Australian dollar is likely to rise faster since Australian exports more than 53 percent of the world’s iron ore. The demand for steel was greatly affected and, as a result, reduced during the start of the year until April. As a result, Australia suffered a significant hit because iron ore contributes to about 16% of Australian exports. But the quick recovery of china from the corvid-19 pandemic helped Australia to bounce back on track as China is their number one importer of steel. This can be attributed to the re-opening of Chinese motor companies and other iron producing industries. Australia will continue to export her iron as suppliers like Brazil are still suffering from the pandemic. As time goes, much is expected from the AUD, and it’s estimated that it will continue to show great results in the forex market.
ZAR: South African Rand
South Africa is one of the countries that are highly at risk of the coronavirus pandemic, and also one of the countries that have had the most severe lockdowns. As a result, this led to the closure of the mining industry, and as you might be aware, the South African mining industry helps to support her economy. By plunging 29.8%, it meant declines in other sectors of the economy, including the currency standing in the forex market. In mid-May, however, the ZAR rose from 18.58 ZAR for 1USD to 17.59 ZAR a dollar, that’s a rise of 5% in a span of just two weeks. The reopening of the mines has also helped to see the ZAR keep on rising. You also need to consider that the ZAR began 2024 with 14 ZAR for 1USD, meaning that it still has the potential to grow amidst the many challenges.
Bitcoins
Now, even with the above currencies, you’ll still want to try other options. As everyone is becoming more reliant on the internet, having a global currency you can trade-in makes a lot of sense. Over the past few decades, Bitcoin has continued to gain traction in the mainstream and as a result, has proven to be a steady currency even amidst major shifts in the markets. The thing is, bitcoins are a scarce currency whose price is not set by the global markets, but rather, by what consumers are buying. There are no censorships, blocked payments, and no one will ever close your bitcoins account. In all totality, there’s a lot of potential in this unbeatable currency.
The fact of the matter is that things will get better in due time. Markets will gain much-needed stability and it’s most likely that the left out currencies will pick up the pace and find their place back into the charts once again.
