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Exchange rate / Currencies explained

  • 17-10-2019 9:56am
    Registered Users Posts: 198 ✭✭ nirvana78
    Registered User

    Please can someone help me to understand things a bit clearer? I have to make a payment of USD $6144 in January. Currently that amounts to Eur €5520, however when I first looked at this price in June it was lower at €5400 or thereabouts, and in that time it went up to €5650 or thereabouts. Over the last three days the Euro amount required has continued to fall. Here's the bit I don't understand, what causes this to happen? Rather than me checking the exchange rate excessively, should I be watching out for things happening in the news? Is Brexit having an affect, would Trumps impeachment thing be causing this to turn in my favour? I really am a bit clueless. I'm look ing for the simplest of explanation please, because when I try to do searches on it, it's a bit complicated for me. Thank you


  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User

    Are you intending to convert euro directly to usd or is crypto somehow implicated in this transaction?

    If the former, then it's not really a query for this sub-forum. That said, forex markets have a certain level of volatility - and exchange rates are subject to ongoing change. That could work for or against you. And geo-political and macro-economic factors have a bearing on FX rate change.

  • Registered Users Posts: 198 ✭✭ nirvana78
    Registered User

    Thanks for your reply, yeah I realised afterwards that I posted it in the wrong place but wasn't sure how to move it out of there (embarrassing!). To answer your question, yes I had planned on converting Euro to USD