Daily average, custom period, real-time, tick-by-tick data and more.
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 need the right type of data to fit their use. At OANDA, we offer several types of data to meet any business need.
Daily Average Exchange Rates
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. Generally accepted accounting principles, or GAAP, also requests that accounting and finance departments use daily averages in certain types of reporting. There are also other average rates available include weekly, monthly, quarterly, and yearly averages, though they’re not as frequently used as the daily average rate.
Real-time Exchange Rates
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. Financial websites will use this type of data to showcase intraday currency trends, conversions, or financial charting.
Tick-by-Tick Data, Forex Order Book, and more
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. This type of exhaustive data is usually used in products that need the most current and up-to-date market rates to understand market sentiment, build predictive models, support financial tickers, engage clients with interactive charting, and more. This data can also be leveraged for in-depth financial analysis, like hedge funds looking for currency trends or finance companies doing transactional cost analysis.
The OANDA Difference
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. Thousands of companies have switched to an automated exchange rates data feed to save time, ensure data accuracy, minimizes the risk of human error, and use consistent data across global organizations.
Throughout any of the data types described above, accuracy is paramount. OANDA is able to provide what is widely considered the gold standard in exchange rates since we are in a distinct market position to:
Access the main players in the foreign exchange market in real-time
Rely on a broad range of redundant (and reputable) data sources
Aggregate all the data points from one trading day
Calculate a time-weighted-average-price (or TWAP)
Deliver foreign exchange data automatically via API, as well as through our cloud-based Historical Currency Converter.
Get access to the world trusted OANDA Rates® including 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.
OANDA Money Transfer completes our offering with fast and convenient international payments to over 170 countries.