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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 Retreats as US Treasury Yields Tumble
The Euro to US Dollar exchange rate has mounted a convincing recovery over the past week, lifting the pairing from a nine-week low.
This reversal of the bearish bias in the EUR/USD exchange rate late last week was triggered by the publication of the latest US payroll figures, with January’s rather unimpressive employment figures deflating hopes for a relatively speedy US economic recovery.
So far this week we have seen the US Dollar shed most of its recent gains against the Euro as the ‘Greenback’ has been buffeted by both a slump in US Treasury yields, and an improvement in market risk sentiment.
The drop in Treasury yields has been attributed to the renewed doubts over the pace of the US economic recovery, concerns over which have been reinforced by potential delays to Biden’s massive fiscal stimulus package.
The Euro, meanwhile has benefitted significantly from the US Dollar’s downturn due to the negative correlation in the pairing.
However, the Euro’s recovery has been hampered somewhat by some lacklustre industrial data releases from Germany as well as Europe’s vaccination woes.
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How to Save On Your Money Transfers
International moves can involve various monetary decisions – from investment in foreign property, to international money transfers and moving savings. Due to the renewed coronavirus concerns 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.
Start maximising your returns on your EUR/USD money transfer. Among others, remarkable advanteges are:
- Get a free quote
- No transfer fees
- Technology based service to save you time
- Request a call back quote
- Maximized returns on your currency transfers
Euro’s Recovery Capped by the EU’s Vaccination Troubles?
Looking ahead, the EUR/USD exchange rate may extend its recovery in the latter half of this week if we see the US Dollar continue to fall in step with US Treasury yields.
This fall could be accelerated by the latest US consumer price index, which showed domestic inflation accelerated again in January.
However, the Euro still remains vulnerable to another bearish turn amidst ongoing concerns over the EU’s vaccine rollout, which continues to lag well behind the US and UK’s efforts.
Moreover, with Germany reportedly set to extend its lockdown again, and other EU countries likely mulling a similar move, there is certainly scope for the single currency to fumble some of its recent gains.
What Does This Mean for Expats? Will This Affect Their Money Transfers?
If the EU’s vaccination programme continues to lag behind its peers next week, expats using Euros to purchase USD may get less for their money. However, a stronger US Dollar would be positive for any expats sending money back to Europe.
When you need to move money abroad talk to currency experts TorFX and find out how to make your money go further. Click here to get a free quote or to access their online trading platform to view live rates register here.
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