Changes in the overseas currency exchange charge trends impact each feature of modern life, together with cost of food, tourism and other significant goods. In this article, we have discussed about the trends of exchange rate of dollar against important currencies including
Understanding the rates of Currency Exchange
Consumers, businesses and investors are all affected by the changes in the trends of currency exchange rate. Changes in the rate of currency exchange can make the overseas travel much easier but can also make the life a bit difficult for the exporters of the country. As the entire world becomes more connected, understanding the trends of currency charge exchange becomes very significant. The world has more than one hundred various currencies, among which most of them are traded in huge volumes each day in Forex trading market, but this particular article will mainly focus on certain significant overseas currencies: Euro, U.S. dollar, Japanese Yen and British Pound.
For the simplicity of reference, the overseas currencies are compared against U.S dollar. Time period enclosed in this particular article is 10th of January in 2006 to 10th of January in the year 2011. The foundation of data for the article comes from Historical rate of exchange tool offered by OANDA Corporation utilizing the rate of Interbank.
The Trends of Euro Exchange Rate and U.S. Dollar (2006-2011)
Launched by the finish of the twentieth century, Euro is at present used as an official currency of seventeen different nations in Europe together with Italy, Germany, Ireland and France. In the year 2010 and 11, several questions were raised regarding the long term future of Euro but several commentators claim that deserting a currency would be tremendously damaging to large number of member nations so it is quite expected to tolerate for the predictable future.
1. On 10th January in the year 2006: About 0.82580 Euros was equal to one U.S. dollar
2. On 10th of January in the year 2007: Nearly 0.76780 Euros was equal to one dollar
3. On 2008, 10th of January: 0.68030 Euros equals to one U.S dollar
4. On 2009, 10th January: 0.73420 Euros was equal to one U.S. dollar
5. In the year 2010, on 10th January: 0.69420 Euros equals to 1 dollar
6. In 2011, during 10th of January: 0.77510 Euros is equal to one U.S. dollar
British Pound Rate of Exchange and Trends (2006-2011)
United Kingdom is the home to the biggest economies of the world and also a financial center which is second to the City of New York in significance, London. Factually, a single British Pound costs more than U.S dollar but the charge repeatedly keeps on changing because of several factors including the confidence in British government and the rate of interest.
• On 10th of January in 2006: About 0.56570 pound equalizes to one US dollar
• In the month of January in 2007: Nearly 0.51520 British pound was equal to one U.S. dollar
• In 2008: About 0.50840 British pound was equal to one dollar
• In the year 2009, during the month of January: 0.65760 British pound equalizes to a single dollar
• In 2010 in January 10, 0.62430 pounds is equal to one U.S dollar
• In 2011, in 10th of January, 0.64350 pounds equalizes to a single dollar
The Trends of Dollar and Japanese Exchange Rate
Japanese currency is regarded as the exchange of the largest economies of the world and is daily used for measuring a value of American dollar. As the population of Japan and the economy of China grow, economic significance of yen might change but for this specific time, it remains a significant overseas currency.
• In 2006: Nearly 114.2330 Yen is equal to a single U.S dollar
• In 2007, during the month of January, 119.0590 Yen equalizes to one U.S dollar
• In 2008, during the month of January, 109.2830 Yen equals to one dollar
• On 10th January in the year 2009, about 90.93880 Yen equals to a single U.S Dollar
• During 2010 in January 10, about 92.71430 Yen equals to a single U.S dollar
• In January10, 2011, nearly 83.22460 Yen equals to a single dollar
The overview to the trends of currency rate of exchange is the only tip on the iceberg. Traders and economists who are involved in the Forex trading market study several other trends for predicting and understanding the currency movement. For instance, some of the currencies like Canadian dollar are powerfully influenced by the cost of oil and several other possessions. Policies and decisions by the Central banks, like Federal Reserves in United States, tend to have an important impact on the trends of currency exchange rate.