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Exchange Rate For USD
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Top exchange Rate For USD This Year

Sun Dec 06 2020 09:06
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Today we are going to talk about the exchange rate for USD. We will analyze how the United States Dollar index performed in 2020. And also, find out the points when the USD has seen the lowest exchange rate for USD in 2020. 

Along with it, we will discuss the top exchange rate for USD in 2020. USD is important for every trader out there in the world of trading. No matter if you are a forex trader, a stock trader or you are trading with securities or any other financial assets like commodities. 

Why USD Matters?

The US-dollars are influential and it is important to know how it is performing in the global economic markets. This year, there was a huge economic recession seen in the world. But still, USD was growing. US stocks were falling, but still, the home currency of the United States of America was rising. We will discuss everything from the current price forecast, to the importance of the American dollar.  

2020: Top Exchange Rates For USD 

We get currency exchange rates when we compare it to an international currency. Mostly the USD is used as the base currency to compare with other currencies to get the actual exchange rates after a few technical analyses and using some forex strategies. 

But as here we have to find out the forex exchange rates for the United States Dollar itself, so we will compare it with the Euros. How dollars to Euros were exchanged this year at different points. The current exchange rate for the USD is about 1.17. 

Start of the Year 

At the start of this year, the USD was having an exchange rate of around 1.1194. Which was quite normal for the whole economical world. We can't state that it was low or higher. But it was doing normally well.  

Top Exchange Rate  

The top exchange rate for USD was seen in the third quarter of the year 2020. We are talking about the forex news that came out in September. On the 1st of September, 2020, the United States dollar exchange was worth 1.1987. This was the highest ever exchange rate of USD at least this year. 

Lowest Exchange Rate 

Yes, there is always the lowest exchange rate in a year for every currency. The USD has seen it in May when it had an exchange rate of around 1.0783.  

USD Price Index (DXY) In 2020 

When the USD entered the year 2020 with the whole world, it was at a stable position according to its price index (DXY). The index at that time was approximately around 98.01. After that, the whole world started facing coronavirus. 

But when this coronavirus was at peak level in the first quarter of this year the USD gained. This gain led this local-currency towards a higher exchange rate for USD. However, the USD price index was dropped at the beginning of the march month for a few weeks. But later on, it survived to hold a higher price index position.  

Second Quarter 

The second quarter of this year was extremely amazing for the USD, one of the most safe-haven foreign-currency in all of the world currencies. In the second quarter, USD jumped to a higher price index. 

The whole world was disturbed due to coronavirus at that time, but the USD jumped to the price index of 102 approximately. After that high price index, the USD started going down gradually. Finally, it was back again to 98 or something at the end of the 6 months of this year. 

Mid of The Year 

At the exact middle of the year 2020, the USD started falling. At the end of June 2020, the USD was at the 97 price index. But from the next month, it started going down. 

For the next two months, the USD dropped to a price index of just 92. The exchange rate for USD also has seen huge fluctuations in the currency unit price due to price index ups and downs. 

Last Quarter 

Now it comes to the last quarter of the year 2020. Many events at the global level are influencing the exchange rate for USD. From President Donald Trump’s health to the US presidential elections, everything had a huge impact on this international currency. 

While other international markets like stock exchanges and oil markets were seen dropping, the USD increased in the last quarter also.  

Still, it is growing and the end of this year has yet to be discovered yet. The finishing point for the USD in this year will be most impacted by the US presidential elections. Currently, the USD price index (DXY) is around 93.4. 

Have A Look At USD Exchange Rate History 

However, the highest exchange rate for USD in the year 2020 is not the highest ever. There were times in history when the USD was really at a very high exchange rate. No, we won't let you take decades back in history. 

We will tell you how USD was performing ten or twelve years ago. In April 2008, the USD had an exchange market rate of around 1.5940. Extremely high, right? The USD exchange rate history is full of ups and downs like any other currency out there in the foreign exchanges.  

Is There Any Currency Performing Better Than USD? 

Not only the USD is performing well in the forex market, but many other currencies are also there that are performing well. No, we are not talking about the currencies higher in price values than USD, like GBP (Pound-Sterling), EUR, Dirham, only. We are going to talk about the Japanese Yen, New Zealand Dollar, Swiss Franc, etc. 

These currencies are performing well in the year 2020. Some of these currencies like the Japanese Yen are performing better than the USD, even though they are quite lower than the USD in terms of global price value. 

Still, USD is a Safe Haven Currency?  

Currency trading is never going to be easy without having any safe-haven currencies. Many currencies are given this status in the fx-market by some expert traders. They call them safe-haven currencies because in long term these currencies are performing well. 

Yes, as similar to the exchange rate for USD, the exchange rate for these currencies also changes, but in the long term, they do better. USD is always a haven currency because it is used for 88% of international trades. It is the most used currency in the world by the central banks.  

Conclusion 

So you can see that currencies in foreign-exchange can jump to any value at any time. Similarly, US-dollar has seen many ups and downs this year. Currencies like the Euro, Japanese Yen, Australian dollar, Canadian dollar (CAD), Indian Rupee (INR), British Pound, Chinese Yuan, etc. Have also seen such changes to their foreign exchange rates. 

You can find exact exchange and interest rates with a currency converter or currency calculator. Currency rates fluctuate due to many reasons. Central-bank activities, the volume of currency traded, interbank markets, central bank guidelines, Dollar exchange rates, National Treasury growth, and many other factors play a vital role. 

All these factors make changes to currency conversion. So you must always accept whatever exchange rate for USD or any other currency is flashing out there. 
ETICHETE:
Forex
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