Euro Exchange Rate

Ahh, Europe: home to the Mona Lisa, the David, the Guggenheim museum Bilbao, and the top European tourist attraction: Disneyland Paris.

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What influences the USD/EUR exchange rate?

Because the eurozone (all the countries that use the euro) is often considered the world’s second largest economy by nominal GDP, trading the EUR/USD pair may be seen as a trade between the top two global currencies.2 The European Central Bank governs monetary policy of eurozone.

As of 2016, sovereign debt risk in some EU member countries continues to be an important factor for the USD/EUR exchange rate.3 Interest rate differentials are also important in determining the market rate between the two. As the largest economy in the eurozone, Germany’s economic data may also play a role in euro valuations.

 

According to the Delegation of the E.U. to the U.S., “the EU-US economic relationship accounts for more than 30% of global trade in goods and 40% of global trade in services.”4

USD/EUR Snapshot

The U.S. has a strong strategic partnership with the EU reflected in our close cooperation on regional crises and conflicts, and our extensive collaboration on a broad range of global challenges from counter-terrorism to nonproliferation. The U.S. and EU have significant trade and investment relations.5

---U.S. Department of State

 

  • Since 2013, the Transatlantic Trade and Investment Partnership between the U.S. and E.U. has created the world’s largest bilateral trade relationship accounting for almost $700 billion in 2016.

  • The population of continental Europe is nearly double that of the U.S. As of 2016, the U.S. has a population estimated at 322 million while Europe (without Russia) comes in at 595 million.6

  • File this under fodder for your next dinner party: the croissant, an icon of French gastronomy, was actually invented in Austria. The cronut is a uniquely American creation.

Whether you’re paying for an overseas vacation or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Europe, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalized service.

 

Currency Name: Euro

Currency Code: EUR

Currency Symbol:

Central Bank: European Central Bank

Countries Used In: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

Major Unit: One euro

Minor Unit: One cent

Note Denominations: €5, €10, €20, €50, €100, €200, €500

Coin Denominations: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2