風險聲明：差價合約（CFD）是屬於複雜的投資產品，因杠杆而存在快速虧損的高度風險。
交易前您應衡量是否瞭解差價合約以及是否能夠承擔發生虧損的高風險。
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C
Cuban Pesos (CUP)
The official currency of Cuba, as issued by the Banco Central de Cuba in 100 centavos. Cuba has had a unique dual-currency system for decades, with the Cuban peso (CUP) coexisting with the Cuban convertible peso (CUC), which is tied to the U.S. dollar and is accepted in tourism and for imports. The CUC has since been abolished, unifying the system under CUP alone.
The peso is not freely convertible. Capital controls are tight in Cuba, and the exchange rate is tightly managed, with significant differences between official and market rates for foreign exchange. Foreign currency, especially in the form of the US dollar, is an economic necessity because Cuba is so dependent on imports, and the US trade embargo bars the regular use of dollars through banking systems.
Inflow of hard currency from Cubans abroad is one of the main sources of income for numerous households.
Example: When a Cuban state enterprise buys dollar-denominated forms, it has difficulty in budgeting the cost because it has to take into account the pricing difference between the official and the informal exchange rate. The use of hard currency requires an approved allocation, which is not possible in freely convertible currencies, and is a reality of the operating expenses of conducting business within an exchange-controlled economy.
Cup and handle
A bullish continuation pattern, first described by William O’Neil in his book, “How to Make Money in Stocks.” The pattern develops in two steps. The cup takes weeks or months to form. First, a rounded U-shaped trough and recovery. Then, a small, shallow retracement off the right rim of the cup, the handle, before the stock breaks out to new highs. From the side, the whole structure looks somewhat like a teacup.
The cup indicates that the selling pressure has been absorbed, and buyers have pushed the price back to the previous highs. The handle is a last shakeout of weak holders prior to the breakout. The volume usually contracts during the handle and expands on the breakout, the confirmation that demand is really there, not just the lack of sellers.
O’Neil’s initial research was on growth stocks. The pattern has since been applied to all asset classes, but is most reliably observed in individual stocks with strong fundamental momentum underneath.
Example: Amazon formed a textbook cup and handle pattern on its weekly chart into 2023, bouncing back from the 2022 drawdown in a smooth arc before consolidating for a number of weeks just below prior highs. The next breakout in mid-2023 started a sustained rally to new all-time highs. The pattern gave chartists a warning of the move several weeks ahead.
Currency
The money system that is commonly used in a country or economic area and which serves as a medium of exchange, a unit of account and a store of value. Modern currencies are fiat money, their value derived from government decree and institutional trust, not from a physical commodity backing. Since the collapse of the Bretton Woods system in 1971, no major currency has been backed by gold.
But in financial markets, currencies are traded in pairs. In each transaction, you buy one currency and at the same time you sell another currency. In most developed economies, exchange rates float freely, determined by supply and demand in a globally interconnected market that trades around $7 trillion per day, the largest and most liquid financial market in the world.
The value of a currency is based on an aggregated assessment of the country’s economic health, stance of monetary policy, political stability and external balance. It is both a financial instrument, a policy variable, and a national identity.
Example: The Kenyan shilling’s depreciation against the US dollar through 2023, losing about a quarter of its value, was a mix of widening current account deficits, global dollar strength and investor concern about Kenya’s fiscal position. The exchange rate was a real-time verdict on macroeconomic conditions.
Currency Basket
A group of selected currencies, which are bundled together in fixed or weighted shares to create a common reference unit or a benchmark. The central banks use currency baskets to control exchange rates, the IMF uses them to base its Special Drawing Rights (SDR), and the sovereign wealth funds and traders use them to diversify.
A trade-weighted currency basket consists of individual currencies weighted according to the amount of trade that takes place between the country and the partner economy. The index captures the overall value of the currency against its main partners more accurately than any bilateral rate; for instance, China’s CFETS basket reflects the value of the renminbi against the currencies of the country’s key trading partners.
Baskets mitigate sensitivity to any one bilateral rate, which means that a currency can appreciate against some components and depreciate against others, creating more overall stability.
Example: A central bank that is controlling its exchange rate policy against a trade-weighted basket of currencies finds its currency is depreciating against the USD, while it is appreciating against several basket currencies. The effective exchange rate, a weighted average, fluctuates very little. This stability would have been overlooked, and unnecessary intervention would have been recommended by a bilateral dollar approach.
Currency Code
The three letter code that represents each currency, according to ISO 4217 standard. The first two letters are usually the country code, the third one the currency code – such as US + D = USD, GB + P = GBP, JP + Y = JPY.
A few codes are deliberately different. As the euro is supranational, there is no country prefix used for EUR. The X prefix is used for non-sovereign assets and special purposes, such as XAU (which stands for gold) and XAG (which stands for silver).
Any banking system, trading platform, corporate treasury and financial data service around the world relies on currency codes to remove any ambiguity. The word “dollar” is ambiguous, as there are Australian dollars, Canadian dollars, Singapore dollars, Hong Kong dollars, New Zealand dollars, and US dollars. These currencies are unambiguous in any language, system and context, namely, AUD, CAD, SGD, HKD, NZD and USD.
Example: The treasury system of a multinational needs all the transactions to be tagged with ISO 4217 codes. The invoice is valued in Brazilian reais in this example, so the system uses the correct BRL/USD exchange rate. This is a minor point that can cause expensive settlement errors if the invoice is not valued in Brazilian reais.
Currency Correlation
The statistical relationship between the price movements of two currency pairs is measured as a coefficient between -1 and +1. If the correlation is high and positive, the pairs tend to move together; if the correlation is high and negative, the pairs tend to move in opposite directions; and if the correlation is near zero, there is no consistent relationship between the pairs.
Correlations are due to common economic influences. EUR/USD and GBP/USD are two currency pairs that are positively correlated as they both include the US dollar in their quote. A strong dollar would weigh on both currency pairs. There is also a strong negative correlation between USD/CHF and EUR/USD, as the Swiss franc closely tracks the euro.
Understanding currency correlations is key to risk management. A trader who is taking a long EUR/USD and a long GBP/USD position is taking a single, concentrated short-dollar position, not two diversified short-dollar positions. Leverage is created by misunderstanding correlation, not by diversification.
Example: A trader has a long position on EUR/USD and a long position on AUD/USD. The correlation between the two pairs has been very good throughout the years, with both showing a positive correlation and dollar weakness. A risk manager identifies this as a dollar-short, double-position book, not a diversified two-position book. In either case, both would suffer losses if a sharp dollar reversal occurred, and the two might lose twice as much as they seem.
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