The US Dollar Exchange Rate was trading in the region of 0.7486 against the Euro as of 14:24 pm GMT
Movement in the US Dollar was limited today due to markets being closed for George Washington’s birthday, otherwise known as President’s Day.
However, the ‘Greenback’ was able to climb on safe-haven rival the Japanese Yen as the latter currency broadly weakened as a result of the outcome of the G-20 meeting.
During the gathering of financial ministers Japan’s actions regarding utilising monetary policy to trigger Yen declines was not criticised as some industry experts had expected.
As the final G-20 stance on exchange rate interference was not as stern as that adopted by the G-7 last week the Yen continued its recent downward trend, shedding 0.5 per cent against the US Dollar.
Following the release of the G-20 statement one industry expert commented; ‘There’s renewed selling pressure on the Yen and it’s a reaction to the G-20 statement. Everyone has woken up to the realisation that the G-20 couldn’t criticize Japan when many other countries are manipulating their own currency.’
The ‘Greenback’ also gained on its British counterpart, climbing 0.3 per cent on the Pound and achieving an over seven-month high. Despite a report by Rightmove PLC showing that UK home sellers upped their prices in February, Sterling experienced widespread declines after a policy maker with the Bank of England stated that a weaker Pound could provide UK exports with a much needed boost.
In the days ahead the most significant pieces of US news to watch out for include; Wednesday’s producer price index, housing starts figures and the release of Federal Reserve meeting minutes plus Thursday’s consumer price index, Markit PMI and existing home sales statistics.
Investors will also be focusing on key news from Europe, such as tomorrow’s economic sentiment surveys for the Eurozone and Germany.
Current US Dollar Exchange Rates
The US Dollar to Euro exchange rate is currently trading at 0.7486
The US Dollar to Pound Sterling exchange rate is currently trading at 0.6462
The US Dollar to Canadian Dollar exchange rate is currently trading at 1.0075
The US Dollar to Australian Dollar exchange rate is currently trading at 0.9700
The US Dollar to New Zealand Dollar exchange rate is currently trading at 1.1827
The US Dollar to Emirati Dirham exchange rate is currently trading at 3.6728
The US Dollar to Swiss Franc is currently trading at 0.9226
The US Dollar to Japanese Yen exchange rate is currently trading at 93.8800
These exchange rates were correct as of 14:24 pm GMT
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