One topic that is currently occupying many people's minds is the economic situation and the energy crisis. One aspect of this is also the development of the US dollar and the euro. Recently, the exchange rate has dropped rapidly. However, if you are an online merchant and do a lot of business abroad, it is important that you are always up to date with these developments. In this post, we'd like to first review the recent performance of the US dollar and the euro. Afterwards, we will also show you a webinar in which you will be advised by experts on this topic.
If we look at the exchange rate of the euro against the U.S. dollar in the development of recent months, we can see that the European currency has lost a lot. Accordingly, the position of the US dollar has strengthened. Compared with January 2022, on the other hand, the euro suffered a loss of 15 percent. In the summer, however, things got even worse: The euro had slipped so far that it was only worth 95 US cents. This had not happened to this extent for 20 years. The weakness of the euro can be partly explained by the interest rate policy of the banks responsible. Another consequence is also that imports into the currency zone are becoming more expensive. In the following chart, you can see the development of the euro and the U.S. dollar within the last three years:
If you want to delve further into the topic, we can recommend a webinar from iBanFirst. It is titled "EUR/USD: Should we be worried? " and will take place on November 3, 2022 at 10am. You should plan about 1 hour for the event. The webinar will focus on the energy crisis and its impact on Europe and the euro, among other topics. It will also take a close look at the U.S. economy, looking at the reasons for its greater robustness. The idea is to clarify whether the euro can still hold its own against it in the long run. The webinar will be conducted by Jan Fankhänel, who is Account Manager and Trader at iBanFirst, and Mark Elser, who is Country Head Germany.
With iBanFirst you can make payments to business partners without any of the complications mentioned above. You can choose from more than 30 different currencies and there are no limits to the number of countries you can send the money to. Moreover, everything is done online and with a high standard of security. Moreover, foreign exchange transactions can be made on a specific date, which means that you will not be affected by a deterioration of an exchange rate.
Through iBanFirst's online platform, you can determine how quickly a transaction should be made. This way, you also keep track of all costs incurred. So that both you and your business partners know where the money is at all times, both parties receive ongoing notifications. Consequently, the entire process from issuing to receiving a payment is monitored. The payment tracker therefore ensures that everything remains traceable. Overall, this helps to facilitate cooperation, maintain trust and secure the basis for renewed business with international partners.
At this point, we have a savings tip for you: With our link, you can perform fee-free transactions for the first two months after opening an account at iBanFirst. So feel free to take a closer look at the offer!
This was our contribution to the development of the US dollar and the euro. Do you have any further questions on this topic or would you like to register with iBanFirst? Then please feel free to contact us. We are always ready to help you with words and deeds. Feel free to send us a message - of course completely without obligation.
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via Business Insider, Statista, iBanFirst
Note: This post contains affiliate links.