The pound rocketed on Wednesday, striking a new six-week high against the US dollar amidst renewed hopes for a UK-EU Brexit trade deal.
Follow the latest USD/EUR exchange rate movements
The USD/EUR exchange rate is used by people across the world to transfer their US dollars into euros, whether for work, retirement, leisure or business purposes.
What you should know: USD/EUR Key Facts
In 2016 USD/EUR was the most traded currency pairing on the market, accounting for almost a quarter of all currency transactions.
Don’t forget! These are interbank exchange rates.
- Over the past ten years the USD/EUR exchange rate has seen a rocky recovery since the depths of the financial crisis, often rising sharply before losing much of its gains, only to start again.
- On 20th December 2016 the USD/EUR exchange rate hit its highest levels of the last ten years, striking €0.9623 just a few days after the Federal Reserve hiked interest rates.
- USD/EUR’s lowest point during the same period was on the 23rd April 2008, in the depths of the financial crisis.
US dollar and euro currency information
Common nicknames for the US dollar include the ‘Greenback’ and the ‘Buck’, while the euro is often referred to as the ‘shared currency’ or the ‘common currency’.
Euro notes are available in seven different denominations; €5, €10, €20, €50, €100, €200 and €500. Although the €500 note is still in circulation and is legal tender, the European Central Bank (ECB) no longer produces it. Euro coins come in denominations of €2, €1, 50 cents, 20 cents, 10 cents, 5 cents, 2 cents and 1 cent.
What causes USD/EUR exchange rates to fluctuate?
The US dollar is considered a ‘safer’ currency for investors (whose daily deals drive exchange rates to fluctuate) than the euro. This means in times of market unease the USD/EUR exchange rate is likely to rise, while market confidence can see the euro climb. The economic and interest rate outlooks for the US and Eurozone also have a key influence on the pairing.
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