Considerable money flows between the United States and different European countries regularly. The average daily volume of trades that involve the USD/EUR currency pair stands at around U.S. $575 billion. In 2016, more than U.S. $2.7 billion in remittances was sent from the U.S. to Germany alone. In the same year, more over U.S. $300 million was sent from Germany to the U.S.
The USD/EUR currency pair is often referred to as Fiber in the forex industry. This currency pair is among the most commonly traded the world over and makes it to the list of the majors.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
In April 2016, the share of the U.S. dollar in the global foreign exchange market turnover was more than 87%, making it the most commonly traded currency by value. An estimated U.S. $5.1 trillion makes its way through the forex market each day.
There are countries other than the U.S. that use the American dollar as legal tender. It is used as the sole currency in the British Virgin Islands, Turks and Caicos Islands, two British Overseas Territories, as well as the Caribbean. Some the countries that use the U.S. dollar alongside other currencies include Cambodia, Costa Rica, Haiti, Lebanon, Uruguay, and Zimbabwe.
The U.S. dollar was adopted by the country in 1792. Its complete decoupling from gold took place in 1973. Given its dominance as a reserve currency, central banks of most nations hold this currency in significant volumes.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The euro is the second most traded currency in the world. In April 2016, its share in the global foreign exchange market turnover was more than 31%. While the euro was officially introduced on 1 January, 1999, the circulation of euro-denominated coins and banknotes began on 1 January, 2002.
The euro serves as the sole currency of 19 members of the European Union (EU). It serves as legal tender in Montenegro, Kosovo, and some overseas territories of EU members. Cuba and Syria have used the euro as a trading currency since 1998 and 2006, respectively. The 19 member states of the European Union that have adopted the euro as their national currency include:
|Nicknames||Quid, aereo, pavo, ege|
|Bank notes||EUR 5, EUR 10, EUR 20, EUR 50, |
EUR 100, EUR 200, EUR 500
|Coins||1c, 2c, 5c, 10c, 20c, 50c, EUR 1, EUR 2|
U.S. Dollar / Euro Historical Rates
The European Central Bank (ECB) does not intervene in the forex market, targeting interest rates instead of exchange rates. After the Single European Act came into effect, the EU capitals market witnessed considerable liberalization. The ECB continues to target inflation as part of its monetary policy. The euro has remained a floating currency since its inception.
The euro did not perform well against the U.S. dollar soon after its introduction. On 1 October 2000, U.S. $1 valued at €0.8493. The euro started its upward swing from December, 2001. On 1 December, 2012, U.S. $1 valued at €1.0501. Since the end of 2002, the euro has continued to trade above the U.S. dollar. On 18 July, 2008, it peaked at U.S. $1.60.
The euro maintained stability despite being immersed in the European sovereign-debt crisis. By November 2011, its exchange rate index was at a level similar to what it was before the beginning of the crisis in 2007.
USD/EUR in the last five years
|U.S. $1 =|
|1 July, 2013||EUR 0.7518|
|1 July, 2014||EUR 0.7469|
|1 July, 2015||EUR 0.9101|
|1 July, 2016||EUR 0.8950|
|1 July, 2017||EUR 0.8445|
USD/EUR in the last five months
|U.S. $1 =|
|1 Feb, 2018||EUR 0.7994|
|1 March, 2018||EUR 0.8152|
|1 April, 2018||EUR 0.8110|
|1 May, 2018||EUR 0.8338|
|1 June, 2018||EUR 0.8576|
On 2 July, 2018, the mid-market USD/EUR rate was 0.8596.
What Affects USD/EUR Rates?
Any positive or negative effect on the U.S. dollar or the euro tends to affect the USD/EUR currency pair. The interest rate differential between the European Central Bank and the United States Federal Reserve has a direct bearing on how both currencies fare against each other. Factors such as economic health and modifications in monetary policies also have an effect on the USD/EUR currency pair.
Sending money from the U.S. to the UK, or the UK to the U.S., requires that you deal in the exchange of currencies. At times, USD/EUR rate fluctuations may affect the cost of a transfer significantly, especially if you plan to send a large amount. What helps, though, is that you may easily compare exchange rates provided by the leading money transfer companies before selecting any one.