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TWF Currency Update: 11/06/2020

Discussion in 'Money, Accounts & Finance' started by Currencies Direct, Jun 11, 2020.

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  1. Currencies Direct

    Currencies Direct

    Feb 6, 2020
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    TWF Currency Update 11/06/20

    Today’s e-commerce exchange rate update
    For online sellers paying suppliers in foreign currencies, or converting international revenue, exchange rate movements can have a significant impact on profitability – from increasing the cost of invoices to reducing the return on your payments.

    Stay on top of the latest rate movements in minutes with our currency updates.

    • Pound Sterling (GBP)
    The pound (GBP) suffered today on growing concern for Britain’s economic recovery, with tomorrow’s release of the final UK GDP figures for the first quarter expected to fall by a staggering -18.4%.

    The Organization for Development and Cooperation (OECD) added to the pound’s struggles, warning the UK is likely to be the hardest hit by coronavirus out of the world’s most developed economies.

    GBP/EUR – Down to 1.11
    GBP/USD – Fluctuating around 1.26

    • Euro (EUR)
    The euro (EUR) rose against many of its peers today after the European Central Bank’s vice-president, Luis de Guindos, discussed the possibility of creating a pan-European bank that would deal with unpaid loans as a consequence of the coronavirus crisis.

    As a result, single currency traders are becoming more optimistic that the ECB could begin to take further steps to aid solidarity and recovery across the Euroarea.

    EUR/GBP – Up to 0.89
    EUR/USD – Up to 1.13

    • US Dollar (USD)
    The US dollar (USD) benefited after the Federal Reserve shook risk-sentiment worldwide after painting a dire economic outlook for the world’s largest economy. While the Fed held interest rates at 0.25%, the bank’s chairman, Jerome Powell, said it was a ‘long road’ for recovery with high unemployment expected for years.

    Looking ahead to this afternoon, the US initial jobless claims report for June is expected to remain high. As a result, we could see the safe-haven ‘Greenback’ creep higher on increasing risk-off market mood.

    USD/GBP – Fluctuating around 0.79
    USD/EUR – Trading around 0.88
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