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TWF Daily Currency Update: 31/03/2020

Discussion in 'Money, Accounts & Finance' started by Currencies Direct, Mar 31, 2020.

Do you sell internationally?

  1. Yes

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  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 before June 30th! https://www.currenciesdirect.com/twf

    TWF Currency Update: 31/03/2020

    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)
    The pound stumbled at the start of the week as economists forecast that the UK could lost 15% of GDP as a result of the coronavirus lockdown. The currency remains on the back foot this morning, trending lower against the euro and US dollar.

    GBP/EUR – Trading at 1.12
    GBP/USD – Dipped to 1.23

    Euro (EUR)
    Indications that the Eurozone is struggling to contain the coronavirus outbreak put the euro under pressure at the start of the week.

    Demand for the common currency was also undermined by the Eurozone’s economic sentiment index as it posted its sharpest decline on record this month.

    EUR/GBP – Trading at 0.89
    EUR/USD – Holding 1.09

    US dollar (USD)
    Renewed demand for safe-haven currencies boosted the US dollar on Monday despite growing concerns about the extent of the coronavirus outbreak in the US.

    USD/GBP – Trading at 0.81
    USD/EUR – Trading around 0.90
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