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Currency Market Trend Analysis: August 29, 2016

CXI August 29th, 2016

 

USD - U.S. Dollar

The U.S. dollar is on an upward trend as Janet Yellen pointed out during the Fed meeting on Friday “Indeed, in light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.”

Still the future outlook depends on more results from U.S. data on inflation and consumer spending that are due this week. If these reports support a strong U.S. dollar and economy, the chances of a Fed rate hike are more likely to increase over the next couple of months. 

 

 

 

GBP - British Pound

Today marks a public holiday in the United Kingdom - Summer Bank Holiday. The rate of the British pound also took the day off as it hit a one week low 1.30 against the U.S. dollar.  

The pound will look towards new reports regarding consumer credit due on Tuesday and manufacturing due on Thursday. These reports will provide insight for the next possible move, which could breathe some positive life into the pound.

 

 

 

EUR - Euro

The euro traded at a low of 1.11 against the U.S. dollar as talks of a higher U.S. interest rates were in the realm of a higher possibility. Either way the Eurozone is forecasted towards a more bearish outlook, leaving many uncertain about the economic growth.  

These factors have left the euro in a mixed path that will become clearer once the European Central Bank (ECB) meeting takes place next month on Thursday, September 8. 

 

 

 

Currency Exchange Reference Rates

CXI publishes U.S. dollar foreign exchange reference rates, or interbank market rates, for seven currencies as market indicators only. These reference rates are only meant to be used for information purposes and are not rate quote solicitations and don’t reflect the rates at which actual transactions can be made. All foreign currency transactions, either banknote or electronic, will be made at percentages off of the interbank market rate.

These rates are used as a guide in the foreign currency exchange industry. Learn more in our FAQ sections.

Country Currency Currency Code Rate
Australia Dollar AUD 0.7578
Canada Dollar CAD 0.7683
China Yuan CNY 0.1497
Europe Euro EUR 1.1188
United Kingdom Pound GBP 1.3112
Japan Yen JPY 0.0098
Mexico Peso MXN 0.0537

 

 

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About Currency Exchange International
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations and travelers. Products and services for international travelers include access to buy and sell more than 90 foreign currencies, multi-currency cash passport’s, traveler’s cheques and gold bullion coins and bars. For financial institutions and corporations, our services include the exchange of foreign currencies, international wire transfers, global EFT, the purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software www.ceifx.com
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