OANDA has the IQD placed as a FLOAT...Can someone smarter than me give an explanation to this link....

[champies]

Also, I saw someone posted this earlier and I couldn't find it again to see if anyone answered it... this is from xe.com ....does it always have that notice in red stating the 'IQD may be redenominated'??

Notice: IQD may be redenominated.

Live rates at 2011.01.17 23:18:00 UTC

1.00 IQD = 0.000848536 USD

wow...you guys are brutal...it was an honest question...why the -1? now I know why I've never posted before today...

[USMC_2674]

Lil Buddy, you should email them with the response to your last email copied in, and ask why it was changed to a FLOAT.

Thanks,

Kent

P.S> I read an entire email, why did you edit your post?

[ThePhantomRider]

Don't take it personal, many times simple questions get negatives. Most say do research, but sometimes it easy to ask a question. I'll give you a plus 1, been there too.

TPR

[penningtonimports]

Float, Shmoat. Every time someone goes to a bank site and says "it revalued" or "it's floating", I go to that site's currency converter and I come up with 1170 (or there abouts) Put up a post after something has really happened. Oh wait a minute, this site won't exist if it really happened. So as long as you see TD selling you can bet your dinar is still at 1170.

http://www.oanda.com/currency/converter/

[champies]

Don't take it personal, many times simple questions get negatives. Most say do research, but sometimes it easy to ask a question. I'll give you a plus 1, been there too.

TPR

Ha...thanks. Funny thing is I could honestly care less about -1 or +1 since I'm not really here to provide information and get 'credit' for it nor bash others. I had said in my post that I saw it earlier and then couldn't find the answer. I thought it was legit enough to show people I had looked for it and was honestly trying to find the answer. So much for being a newbie...guess I will keep my comments to myself!

[sunnie3037]

Hmmm...that is interesting. I have been following Oanda and that is new. Well, if anything I've learned alot about world finance the past 2 years.

Edited January 18, 2011 by sunnie3037

[ThePhantomRider]

Float, Shmoat. Every time someone goes to a bank site and says "it revalued" or "it's floating", I go to that site's currency converter and I come up with 1170 (or there abouts) Put up a post after something has really happened. Oh wait a minute, this site won't exist if it really happened. So as long as you see TD selling you can bet your dinar is still at 1170.

http://www.oanda.com/currency/converter/

You are correct, the converter shows the current rate, the point here is based on this information as it pertains to a currency regime as a "float" No one indicated there was a rate change, but they did update the site in the last 72 hours and if it is a "float" then this is what it means:

What Does Floating Exchange Rate Mean?

A country's exchange rate regime where its currency is set by the foreign-exchange market through supply and demand for that particular currency relative to other currencies. Thus, floating exchange rates change freely and are determined by trading in the forex market. This is in contrast to a "fixed exchange rate" regime

Please read the bold print. That's the question at hand...if can be traded on the forex, this might indicate a change is imminent.

TPR

[Butifldrm]

That's interesting tbush. I read a post earlier, supposedly from a Forex guy, that said the IQD would never be traded on the Forex, because it was pegged, and not a float. Could be something to this, or they were tired of getting calls because of the regime rate value and changed it to a float without a value. We will see. Thanks for the post.

Guys, I am really thinking they got tired of being called for verification of the regime rate, so what is the easiest thing to do? Change it to a float. The value of the rate has not changed. IT'S BEEN FIXED SINCE 2007. jmho

[ThePhantomRider]

Guys, I am really thinking they got tired of being called for verification of the regime rate, so what is the easiest thing to do? Change it to a float. The value of the rate has not changed. IT'S BEEN FIXED SINCE 2007. jmho

Then Odana is a joke site with incompetent people at the wheel. Sure hope not but listing something that by definition, should be traded and managed by Forex is not very smart...

TPR

[TennesseeCherokee]

TPR.....thanks for thinking outside the box. I agree, that if in fact the IQD is now a "float", it can now be traded on Forex. Sounds like positive news to me. Very good deducing ..everyone involved !

[hopefullbk]

Then Odana is a joke site with incompetent people at the wheel. Sure hope not but listing something that by definition, should be traded and managed by Forex is not very smart...

TPR

I agree Phantom, just imagine how many calls and emails they are going to get now. Changing to a float for whatever reason is going to generate a sunami of inquiries. Worth watching this for the next few days for sure.

[ThePhantomRider]

I'm trying to find corroborating evidence from other sites that list the currency regimes of all countries. The one I did find still lists the old rate.

TPR

[penningtonimports]

Jeez,

Does everyone have their panties in a wad? I guess I have to be real nice even though I got my ass handed to me when I did not do my research before posting.

[ThePhantomRider]

Jeez,

Does everyone have their panties in a wad? I guess I have to be real nice even though I got my ass handed to me when I did not do my research before posting.

Nope, ya just missed a few points, no problems....

TPR

[snowglobe4]

what do other forex sites say?

[rags2riches4life]

Just got off the phone with customer service, they said that its been like that since 2003..........and that there is no international rate at this time. That is all

[quadraph0nic]

from oanda...

In response to the many inquiries we have received regarding the IQD entry in FXLookup, we have updated the 'Currency Regime' on this entry, which is now listed as "float".

[GrahamB]

http://www.oanda.com/cgi/fxlookup/CurrencyInfo.pl?currencyCode=IQD

That Oanda Link is very interesting. I looked up China and it says "m.float" [managed float] which more accurately would describe the NID up to the present. So for them to say "float" is potentially very important. But we have to remember that in the past they have screwed up values big-time!

Let's hope this is a prediction of the near-future state of the NID!

Go RV!!

[KCT]

I agree that this is indeed a very interesting change!

My question, as stupid as it may sound, why do they have a "3" listed under the column listed "decimal places"? Of course 3 makes sense, when you might have a need to round to the nearest cent. (For example $3.215 would be rounded up to $3.22. But if you use the currency converter, they use 5 decimal places to to convert it to 0.00084. Like I said, that may be a stupid question with a obvious answer I don't know, just thought I'd ask.

[ThePhantomRider]

Well, reading on this link, http://www.investopedia.com/articles/03/020603.asp leads me to believe that they were or still are, pegged to the USD. If you read the information, it tells how some countries use the peg to get out of financial crisis, then transition into a float for greater financial flexibility. If it is floating, it would be traded within Forex.

All I have been saying here is that if they messed up again on their listing, then leave the regime blank, why correct one error with another? Just causes them more headaches from do do's like me who send them an email asking if it is listed correctly as a float, then when will it be traded on Forex? If not, leave it blank.

TPR