What’s more, the greenback benefits from its status as a haven, meaning that as the war drags on and the fallout gets worse, the euro keeps sliding. That makes yields on US Treasury bonds higher than those on Europe’s debt, driving investors to the dollar and away from the euro. At the same time, the US Federal Reserve is raising interest rates much faster than the 19-nation euro area. Latest Currency Exchange Rates: 1 Euro 1.0793 US Dollar Currency Converter Exchange Rate History For Converting Euros (EUR) to Dollars (USD) Currency. That places the ECB in a difficult position - trying to curb inflation and cushion a slowing economy - as it aims to raise borrowing costs for the first time since 2011. It’s the first time the euro has sunk to that level since 2002, in the early years of the currency’s existence.Įurope suffers most from the war, which has sparked an energy crisis and could lead to potentially a long and deep recession. Feel free to try converting the currency rate in reverse from US Dollars to Euros. Now a combination of Europe’s front-line exposure to Russia’s war in Ukraine and the European Central Bank’s tardiness in raising interest rates have driven it to parity, or a 1:1 ratio with the dollar. Rate: 1.0744 -0.00393 Previous Close: 1.0784 Inverse: 22.00 USD 20.48 EUR Updated: Fri, 13:00:00 Compared to the previous close exchange rate, US Dollar decreased by -0.36 (-0.0865) vs. Analyze historical currency charts or live Euro / US dollar rates and get free rate alerts directly to your email. ![]() Markets are leaning toward a pause which could see the EUR/USD rise.As the US economy went into meltdown during the 2008 global financial crisis, one euro was worth about 1.6 times the US dollar. Convert 10 EUR to USD with the Wise Currency Converter. Convert 1 EUR to USD with the Wise Currency Converter. Investors eagerly await the all-important Fed meeting, where the central bank will decide on policy. Although the unemployment rate rose to a seven-month high of 3.7%, it was still an increase from April’s 53-year low of 3.4%.Įconomists believe the gradual slowdown in inflation and the labor market allows the Federal Reserve to refrain from an interest rate hike on Wednesday, marking the first pause since March 2022. It’s about how much one currency is worth in the other, use our currency converter to find out. For example, an exchange rate of 1 US dollar to 2 euros means you convert 1 USD to 2 EUR and 2 EUR to 1 USD. Recent data demonstrated a resilient labor market, with solid growth in nonfarm payrolls for May. You convert one currency to another using the exchange rate between those two currencies. Additionally, gasoline prices dropped 5.6%, while electricity experienced a third consecutive monthly decline. The CPI increased by 0.1% in May after a 0.4% gain in April. However, rental prices remained stable and used cars and trucks rose.įurthermore, the publication of this report coincided with the commencement of a two-day policy meeting by Fed officials. Notably, declines in the costs of energy products and services, such as gasoline and electricity, primarily drove this. Recipient gets (Total after fees) Transfer fee. Compare our rate and fee with Western Union, ICICI Bank, WorldRemit and more, and see the difference for yourself. ![]() The Consumer Price Index report, released by the Labor Department on Tuesday, revealed a smaller-than-anticipated rise. We give you the real rate, independently provided by Reuters. However, underlying price pressures remained robust, supporting the notion that the Fed would keep interest rates unchanged while adopting a hawkish stance. US consumer prices experienced minimal growth in May, with the annual inflation increase being the smallest over two years. – Are you interested to learn more about day trading brokers? Check our detailed guide. This data further solidified the belief that the Federal Reserve would pause later in the day. On Wednesday, the dollar remained close to a three-week low against the Euro following unexpectedly weak US inflation data. The gradual slowdown in inflation allows the Fed to refrain from an interest rate hike.Underlying price pressures in the US remained robust.US consumer prices experienced minimal growth in May. Convert 100 EUR to USD with the Wise Currency Converter.
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