BookMyForex lets you compare real-time, live foreign exchange rates from hundreds of money changers in your city and enables you to order genuine currency notes online to be delivered right to your home. Our rates are transparent, we have no hidden charges or trading limitations, and we are available 24/7/365. What do you need to consider about forex robot.
The US Dollar
As one of the strongest currencies in the world, the US Dollar remains an indispensable tool for traders. Officially issued as currency by the United States and widely traded internationally, its value has seen steady increases since 2008. Furthermore, it remains one of the world’s most commonly traded assets.
US dollar traders have recently traded near its six-week high as investors consider potential further Fed rate hikes against waning global economic momentum. Furthermore, bets that the Swiss franc will weaken have also helped push it higher following SNB’s decision last week to lower its primary interest rate while maintaining its dovish pause position. Markets await UK inflation data and Chinese Q2 GDP reports later this week for a new direction.
BookMyForex provides the best USD exchange rates in Mumbai without hidden fees or markup charges, making us your go-to platform for currency transactions in 185 Indian cities. Order online or via mobile app to access these great exchange rates – they’re sure to please! We even deliver your currency right to your door!
The Euro
The euro is an international reserve currency used by over 350 million people globally. It serves as the sole legal tender in 19 European countries that make up the Eurozone managed and administered by the European Central Bank (ECB, Frankfurt am Main) and Eurosystem, an association of central banks from member states. The ECB sets monetary policy, oversees the printing and distribution of euro coins and notes, and is accountable for operating eurozone payment systems.
The euro debuted on financial markets on January 1, 1999, replacing the national currencies of those participating in a newly created economic and monetary union. Its roots can be traced to the Maastricht Treaty of 1991, which created EMU and mandated its currency—initially pegged against the German mark due to Germany being the biggest economy at that time and having an excellent track record for sound monetary policies.
Since then, the euro has gradually become one currency across participating countries based on strict criteria like annual budget deficit limits of 3 percent of gross domestic product and public debt levels no higher than 60 percent of GDP, plus stable inflation rates and other stability factors. Since Russia invaded Ukraine and energy crises shook investor confidence across Europe last year, the euro has recovered much ground.
The British Pound
The British Pound (commonly referred to as Sterling or Pound) is the official currency of the United Kingdom and its Crown Dependencies (Isle of Man, Guernsey, Jersey, Gibraltar, and Saint Helena). It consists of 100 pence and has an international ISO currency code of GBP; coins come in denominations of 1 penny, 2 pence, 5 pence, 10 pence, 20 pence, and 50 pence, while banknotes come in 5, 10, 20, and 50 pound notes.
The value of the British Pound is determined by a range of factors, including economic strength in both the UK and its major trading partners, inflation rates, and its value, with inflation being one of the lowest inflation rates worldwide.
Finally, the Bank of England sets interest rates for the country. Higher interest rates tend to lead to stronger currencies, while lower rates tend to lead to weaker ones; recent actions from the BoE to maintain current rates have resulted in a weakening Pound Sterling.
The Canadian Dollar
The Canadian Dollar (CAD), commonly referred to as a “loonie” due to its coin depicting an image of a loon, is Canada’s official currency and one of the ten most traded global currencies (see Commodity Trading ). Its value is determined by economic forces affecting GDP growth rates, interest rates, and inflation, which all affect its worth.
The Bank of Canada (BOC), as the country’s central bank and regulator of monetary policy, can enormously affect the value of the Canadian Dollar by purchasing or selling foreign exchange through foreign exchange intervention or by altering monetary policy (for instance, by raising or lowering interest rates).
The Bank of Canada currently takes the position that market forces should determine the value of the Canadian Dollar rather than intervening directly in its exchange rate. Since 1998, they have discontinued foreign exchange intervention to influence CAD prices directly, instead allowing market conditions to determine its worth. Prior to that period, the Canadian Dollar had been pegged against its US equivalent from 1944 – 1962 under Bretton Woods and from 1966 – 1970 under The International Monetary Fund system.
