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 money 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 Stumbles as Market Mood Improves
The Euro to US Dollar (EUR/USD) exchange rate made steady gains over the past week, largely as a result of the ‘Greenback’ faltering amidst an improvement in market sentiment.
The US Dollar’s initial move lower was also tied to the latest US jobless claims, which reported a disappointing rise in new claims for the week ending 12 February.
Underpinning the positive market mood was the improving global economic outlook, with the acceleration of vaccinations in countries like the UK and US helping to bolster hopes for a strong rebound in global growth this year.
Applying additional pressure to the US Dollar this week were comments made by Federal Reserve Chair Jerome Powell in which he suggested the US economy remains a long way from achieving its inflation and employment goals, whilst also signalling it would not tighten its monetary policy on robust employment figures alone.
The Euro, meanwhile, was carried higher over the past week largely in thanks to its negative correlation with the US Dollar, with support from a stronger-than-expected print of the Eurozone’s latest consumer confidence index.
However the single currency’s advance has been hampered somewhat by ongoing concerns over the EU’s slow vaccination rollout, which is stoking concerns over the Eurozone’s economic prospects in 2021.
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US Stimulus Back in Focus
Looking ahead, the main focus for USD investors through the second half of this week will be whether or not any of Joe Biden’s $1.9 trillion stimulus package is likely to be passed into law.
The package is set for a vote in the House of Representatives later this week where it is expected to pass, but could face more difficulty in a subsequent vote in the Senate, with any watering down of the bill potentially weakening the US Dollar.
Also influencing USD exchange rates will be the publication of the latest US durable goods figures, where a strong bump in goods order growth last month could provide a lift for the ‘Greenback’.
For EUR investors the focus will turn to the upcoming EU summit, which is expected to be dominated by the coronavirus pandemic. Markets will be looking to EU leaders to provide a detailed response to the EU’s vaccination failing and plans to speed up regulatory approval and production of coronavirus vaccines.
How to Save On Your Money Transfers With The Best Exchange Rate
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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Fluctuations In The Exchange Rate Market. What Does this Mean for Expats?
If Biden’s stimulus package faces any more hurdles, then US Dollar exchange rates may suffer, 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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