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TWF Currency Update: 23/04/2020

Discussion in 'Money, Accounts & Finance' started by Currencies Direct, Apr 23, 2020.

Do you sell internationally?

  1. Yes

    0 vote(s)
  2. No

    0 vote(s)
  1. Currencies Direct

    Currencies Direct

    Feb 6, 2020
    EXCLUSIVE OFFER FOR TWF: Create an account with Currencies Direct and receive a £30 Amazon voucher when you trade £5000!

    TWF Currency Update: 23/04/2020

    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 daily rate alert.
    • Pound Sterling (GBP)
    Today saw the Pound hold up well despite dire UK PMI readings. The UK Composite PMI figure plummeted to just 12.9, while both Britain’s services and manufacturing sectors undershot even the most pessimistic of forecasts.

    GBP/EUR – Up to 1.14
    GBP/USD – Fluctuating around 1.23

    • Euro (EUR)
    The Euro fell against many of its peers today after April’s flash Eurozone’s PMI suffered their steepest falls ever recorded. Today could also see the Euro sink deeper if the European Council meeting continues to show a lack of cohesion on a unified fiscal response to the coronavirus crisis.

    EUR/GBP – Down to 0.87
    EUR/USD – Fluctuating around 1.07

    • US dollar (USD)
    The US Dollar dipped today as market sentiment continues to improve due to stabilising oil prices and hopes that the Federal Reserve could reveal yet another stimulus package supportive of global growth.

    USD/GBP – Fluctuating around 0.81
    USD/EUR – Up to 0.93
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