Learn more about the exchange rate market. Read our EUR/USD currency update for the latest news and move your money at the right time. Discover how to save money and benefit from all the advantages that TorFX, our trustworthy partner offers. From no-fees currency transfers to fixed exchange rate up to two years.
If you’re an expat and need to move money between your home and adopted country, securing the right exchange rate for your currency transfers can make a big difference to how much you receive.
US Dollar Strengthened by Surging US Bond Yields
After briefly striking a six-week high, the Euro to US Dollar exchange rate has spent the better part of the past week retreating in response to rising US Treasury yields. Driving this uptick in bond yields has been progress regarding Joe Biden’s $1.9 trillion stimulus package, with the stimulus bill passing through the House of Representatives, and the ditching of the minimum wage increase bolstering the chances it will make it through the Senate. Also boosting the appeal of the US Dollar at the start of this week’s session was the publication of the latest ISM manufacturing PMI, which reported US factory activity struck a new three-year high in February.
Meanwhile, after being propelled higher following economic sentiment in the Eurozone beating expectations last month, the Euro found itself closing last week on the defensive, as EU leaders’ pledge to ‘accelerate the provision of vaccines’ failed to allay concerns over the EU’s vaccine rollout.The Euro then slipped to a three-week low in the first half of this week’s session after data showed a much larger-than-expected contraction in German retail sales in January. However, the EUR/USD exchange rate was later able to claw back a large portion of its losses, amidst encouraging signs that the EU vaccine rollout is finally starting to pick up the pace.
US Payroll Figures in the Spotlight
Looking ahead, the main focus for USD investors through the second half of this week will be the latest US non-farm payroll release. Economists are forecasting the US jobs market will have seen a robust expansion last month, but in the wake of two consecutive misses, there remains the risk February’s figures could disappoint again, dragging on the US Dollar. Elsewhere we will see US stimulus headlines continue to influence USD exchange rates, with positive developments likely to support the US Dollar. For EUR investors the spotlight will be on the EU’s vaccine efforts, with the Euro poised to extend its recovery if the rollout continues to gather pace. Also influencing EUR exchange rates will be the latest industrial data releases from Germany, with an expected rebound in factory orders and industrial production in January likely to reflect well on the single currency.
How to Save On Your Currency Transfers
International moves can involve various monetary decisions – from investment in foreign property, to international money transfers and moving savings. Due to the renewed lockdown measures, the exchange rate market is facing significant fluctuations. Securing an exchange rate will protect you from any unfavourable shifts in the currency market. Moreover, conducting currency transfers without charging fees means saving money which could be spent enjoying your new life abroad as an expat.
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What Does this Mean for Expats?
If February’s US payrolls disappoint we could see the US dollar weaken, as a result expats using Euros to purchase USD may get more for their money. However, a weaker US Dollar would be negative for any expats sending money back to Europe.
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