In today’s volatile landscape, companies are upgrading to automated forex feeds to run their business operations, products, financial reports and more. However, not all businesses have the same forex data needs. Not only do businesses need data for specific currencies, they also order book data forex converter the right type of data to fit their use.
This rate is the average of a specific currency intraday fluctuation. Since it’s an average rate representing a single day’s exchanges, daily averages are most commonly used for financial reporting. Accounting, tax, and CPA professionals often use this data for financial reporting, various accounting and audit needs, and reconciling company’s financial books at the end of the fiscal periods. For a more granular view of exchange rate market data, businesses will use real-time rates, or real-time. These rates are updated every 5 seconds from OANDA right into your computing environment and have countless use cases, especially for website functionality and powering apps. For example, travel sites depend on real-time FX rates to power their global pricing engine and currency conversion.
Businesses who want the most detailed data possible will opt for tick-by-tick data or the OANDA forex order book, which provide data points that are updated by the fraction of a second. This type of data provides the most in-depth view of all as it delivers large batches of data on millions of market movements throughout a single day. It’s important to note here that OANDA’s Exchange Rate API is easy to install directly into any major ERP system, accounting software, or computing environment in order to leverage automated currency conversion. Throughout any of the data types described above, accuracy is paramount. Deliver foreign exchange data automatically via API, as well as through our cloud-based Historical Currency Converter. 200 currencies and precious metals, 38,000 currency pairs dating back to 1990, as well as 25 major Central Bank exchange rates through OANDA’s Exchange Rates API. Don’t forget to visit OANDA’s popular web application, the Historical Currency Converter, which allows users to manually retrieve historical data via convenient CSV download.