Interesting to know

Kiwi, Cable, Aussie, Loonie

To make communication between traders more effective and even flair, forex community invented its own slang terms. For instance, “whipsaw” means a situation, where an asset’s price reverses its major trend shortly so that to resume it after. Market participants got their nicknames too. “Whales”, the large market participants, are fed on so-called forex plankton, ordinary traders.

There are also designations referring to the currency pairs. For example, NZD/USD is commonly called Kiwi, by name of the national bird found stamped on the one New Zealand dollar coin. GBP/USD was named as Cable because of transatlantic telegraph cable the pair’s exchange rate was transmitted through in the 1800s. Loonie, the name of USD/CAD, came from the picture of a solitary loon on the Canadian dollar coin. AUD/USD is also known as Aussie, a short name of the Australian dollar. The jargon penetrates easily into traders’ vocabulary. The Bank of England goes by name of Old Lady or the Old Lady of Threadneedle Street since the time when James Gillfray first used the nickname in his caricature cartoon in 1797.  

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