The Aussie exchange rate is today continuing a rally which began Monday afternoon and was helped along by strong GDP and an even stronger jobs number yesterday. The Aussie is up nearly three cents since Monday’s low. EUR/USD has performed equally well but that is no surprise given the two currency pairs are seen as risk trades and therefore closely correlated. EUR/USD is up nearly three cents since posting a low of 1.2288 on 1st June. Continue reading
U.S equities were closed for the Memorial Day Holiday and re-open tonight with Wall Street futures pointing to a weaker open. Exchange rates today are mostly declining with only USD/JPY bucking the trend, rallying slightly in response to renewed interest in the problems with Spanish banks. Spain’s Prime Minister has urged “Europe has to dissipate any doubts about the euro,” the premier told a hastily called news Continue reading
A very good day yesterday on Australian and Asian markets was followed in step last night in Europe and the U.S, more so in Europe where equities saw solid gains on renewed hope that France and Germany will announce fresh stimulus. Exchange rates today however have taken a hammering in early trade with the Aussie down, trading near 0.9750, its lowest point since November 2011 when it fell to 0.9668 versus the greenback. Continue reading
Exchange rates today are somewhat subdued, with EUR/USD one of the bigger movers over the weekend. EUR/USD fell to 1.2640 before finding support in spades and has since rallied back as high as 1.2790. The situation in Greece continues to see currencies see-saw as traders change their bets on the likelihood of a Eurozone break-up. The Aussie dollar is again under pressure due to these safe-haven flows into the dollar. Continue reading
Negative global news and poor economic data out of Europe have seen the AUD/USD exchange rate today drop below parity and continue the most volatility since the beginning of the year. Greece’s imminent departure from the EURO that begun as a hung parliament could spiral into a full-blown meltdown for the mediterranean nation. Continue reading
A Bank Exchange Rate is the rate at which a bank or a non-bank financial institution is willing to buy or sell a particular currency against another. It is not the OFFICIAL exchange rate. This is an important distinction and explains why every bank has a different set of exchange rates.
The official market rate is not set by any one bank or individual, rather it is a function of the markets willingness to buy or sell a certain currency against another. The international foreign exchange market is open almost 6 days a week, 24 hours a day. Continue reading