Welcome to Pure FX's latest update of the US dollar to euro interbank exchange rate.
This tells you when it's a fantastic time to exchange US dollars to euros, for your money transfer!
The greenback rises versus the common currency!
The US dollar to euro interbank exchange rate has hit 0.8570 today, less than -1 cent below its highest in a year, or since July 17th 2017.
What's more, looking ahead, the buck could fly high against the Eurozone's currency. Here are 5 reasons why:
1. The US dollar could rise, because US President Donald Trump recently threatened to impose up to $500bn of tariffs on China.
This may lift the greenback, because the USA is a vast country with lots of natural resources, and so likely to stand up best in a trade war.
2. The buck could jump, as the Philadelphia Federal Reserve's manufacturing index jumped to 25.7 in July, above forecasts for 22.0.
This may boost boost the US dollar, because Philadelphia's factories enjoyed a surge in new orders this month, pointing to robust demand.
3. The euro could lose out, because the Eurozone's core inflation fell to 0.9% in July, below financial market forecasts for 1.0%.
This may weaken the common currency, because this cuts the odds that the European Central Bank will hike interest rates sooner rather than later.
4. The euro could fall, because Eurozone exports dropped -0.8% in May compared to a year ago, for a surplus of €16.5bn.
This may hurt the common currency, because this tells us that Eurozone exports were falling, even prior to US President Trump's steel and aluminium tariffs.
5. The euro could drop, because Eurozone consumer confidence remained stable at -0.6% in July, said official data this week.
This may weigh on the common currency, because this signals that Eurozone consumers feel less upbeat than earlier this year, which may slow GDP growth.
As a result, the US dollar to euro interbank exchange rate may continue to climb above its 1-year high!
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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email [email protected]