Avertissement : les CFD sont des instruments complexes et comportent un risque élevé de perte rapide d'argent en raison de l'effet de levier.
Vous devez vous demander si vous comprenez le fonctionnement des CFD et si vous pouvez vous permettre de prendre le risque élevé de perdre votre argent.
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Current account
The broadest measure of a country’s cross-border trade and income flows. The current account has three components: the trade balance (exports minus imports of goods and services), primary income (investment income and employee compensation flowing in and out) and secondary income (remittances, foreign aid and other transfers). A surplus means the country is a net earner from the rest of the world, a deficit means it is a net spender.
The current account is the most economically meaningful slice of the balance of payments as it measures real productive activity as opposed to just financial flows. Large and persistent deficits show a country consuming more than it produces and therefore needing to keep attracting capital inflows to bridge the gap. When those inflows dry up, such as during global risk-off episodes, the currencies of deficit countries come under sudden and severe pressure.
FX traders care about medium to long run exchange rate trends, and current account dynamics underpin those trends, even if they are too slow to trade directly on a daily basis.
Example: India usually has a current account deficit, largely based on the cost of oil imports. The deficit widened sharply last year and the rupee weakened towards 83 per dollar as crude prices surged past $100. The math was straightforward: more dollars going out for oil, fewer coming in from exports, the exchange rate adjusting to balance the equation.
Current assets
Assets that can be converted into cash within one year.
Current liabilities
Debts that are due within one year.
Custodian
A financial institution that holds and safeguards assets on behalf of investors.
Cyprus Pounds (CYP)
The old currency that was used in Cyprus until it entered the eurozone. Issued by the Central Bank of Cyprus and subdivided into 100 cents. The pound was tied to the euro for a number of years before it was adopted, which allowed for a smooth transition and reduced the economic disruption.
The eurozone membership conferred certainty of the exchange rate and eliminated conversion costs, which were very important for Cyprus’s economy, which is highly dependent on tourism and the financial sector. The single financial market in Europe was further integrated with the island’s offshore banking and fund administration industry, further enhancing Nicosia’s status as a financial hub in the region.
New issues of the pound have now been closed out. The conversion rate, which was irrevocably fixed at the time of eurozone entry, continues to be the conversion rate applied to exchange residual banknotes with the Central Bank of Cyprus.
Example: A property developer entered into contracts in Cyprus pounds before the introduction of the euro, and on the day of the adoption of the euro, all of his obligations were converted to euros at the official fixed rate. The accession to a well-managed currency union is essentially mechanical, with the adoption of a single official rate, applied to all existing obligations, when the peg is credibly maintained in the period leading up to the accession.
Czech Koruny (CZK)
The official currency of the Czech Republic, in circulation through the Czech National Bank (CNB). Alongside Hungary and Poland, one of the few EU member states that kept its national currency instead of the euro. It is divided into 100 haléřů, but coins with the denomination of one haléř are not in use.
The CZK is on a managed float. In the past, the Czech National Bank has employed the exchange rate as an active policy tool, for example, by setting a depreciation floor for the CZK against the euro in order to prevent its excessive appreciation and to dampen down the deflationary forces, which were in place for several years but were discontinued with the return of inflation.
The Czech economy is heavily entangled in German industrial supply chains, which makes EUR/CZK very sensitive to German industrial data as well as the eurozone’s economic momentum.
Example: A German carmaker buys parts from Czech suppliers, which are offered at the same price in CZK, but the koruna is strengthening, increasing the cost of the parts in euro terms. The procurement team hedges in the price of contracted payment in CZK, eliminating completely exchange rate uncertainty from the procurement part of the supply chain.
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