Currency Market Trend Analysis: August 15, 2016

USD - U.S. Dollar

The U.S. dollar weakened against the euro and the yen on Monday. This was due to poor results coming from the U.S Retail Sales Report that was released on Friday by the U.S. Census Bureau indicating no growth in July. 

An upcoming FOMC meeting will steal the spotlight this Wednesday, August 17 as investors will shift their attention to the outcome of this meeting that is set to be released at 2:00 PM EST.

GBP - British Pound

As the pressure builds on the economy, the British pound continues to fall. On Monday it reached a new low of 1.28 against the U.S. dollar.

After the BOE’s decision to cut its key rate to 0.25 percent, there’s no doubt they mean business to stimulate growth, but it has many investors on the fence speculating the future of the economy.

EUR - Euro

The euro has gained slightly against the U.S. dollar on Monday to a high of 1.11. A fresh input could be on the horizon, as the European Central Bank’s Governing Council Policy is set to release a new forecast. This new report is expected to reveal the effects of the Brexit dynamics between the U.K. and the Eurozone. 

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.

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