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US Dollar Firms as US Stimulus Hopes Boost Treasury Yields
The Euro to US Dollar exchange rate experienced sustained losses this week as the ‘Greenback’ pushed higher against most of its peers.
USD exchange rates rose in step with US treasury yields. The latter received a boost from reports that President Biden will push ahead with his plans for a $1.9 trillion stimulus package without support from Republicans. The US Dollar’s rise was further reinforced by positive PMI and ADP employment figures, which bolstered expectations for the latest non-farm payrolls release.
The Euro, meanwhile, got off to a poor start this week after data showed that Germany suffered a record slump in retail sales growth in December. While subsequent data releases including the Eurozone’s latest GDP and inflation figures printed above expectations, these failed to trigger much of a positive response in the Euro, particularly as the GDP figures all but confirmed the bloc faces a double-dip recession.
The continued decline in EUR exchange rates appeared driven in part by the strength of the US Dollar, but also ongoing concerns over the EU’s slow rollout of its vaccination programme.
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International moves can involve various monetary decisions – from investment in foreign property, to international money transfer 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.
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Vaccine Woes to Extend Euro’s Losses?
Looking ahead to next week’s session, the EUR/USD exchange rate may struggle to mount a recovery so long as the gulf between the EU and American vaccination programmes continues to grow wider.
While US vaccination efforts are ramping up at an astonishing speed, the EU appears to still be at the starting line. This slow rollout is likely to stoke concerns over the need for extended lockdown measures and how this could negatively impact the Eurozone’s economic recovery this year.
On the data front, Germany’s latest industrial production figures may be a single bright spot for the Euro as the country’s industrial sector remains robust in spite of the national lockdown.
Meanwhile, the focus for USD investors will be on latest US consumer price index. Will the continued acceleration in inflation help the US Dollar to extend its gains next week?
What Does this Mean for Expats?
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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