Today's Corporate Foreign Exchange Rates

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February 16, 2018

CountryCurrencyExchange Rate
Czech RepublicKoruna20.3455
New ZealandDollar$.7390
South AfricaRand11.6715

February 16, 2018

The US Dollar remained on the defensive in nervous trading overseas. The Dollar was set to post its biggest weekly loss against the major currencies in 2 years as growing negative sentiment offset any support offered from rising Treasury yields. Mounting concerns over the widening budget and current account deficits continued to bash the greenback. The Budget deficit is projected to expand to near $1 trillion in 2019 amid a government spending splurge and hefty corporate tax cuts. Worries that US President Trump may be favoring a weak Dollar strategy and the immenient erosion of its yield advantage as other major central banks begin to taper current stimulus programs have also weighed on the US currency. The Dollar weakness has come as US Treasury yields topped 4 year highs, with US inflation showing higher levels than expected in January. There is growing speculation that the US Federal Reserve could raise interest rates at a faster pace than previously announced. The Swiss franc reached its strongest level against the US unit since June 2015. Disappointing UK retail sales data pressured the English Pound. Traders await Prime Minister May's visit to meet German leader Merkel in Berlin. Currency markets will look for any positive signs of progress as a near-deadlock position exists in terms of Britain's exit from the European Union next year. Higher oil prices kept the Canadian Dollar near 10 day highs against the greenback. US stock futures indicate a lower open on Wall Street. Housing construction data for January and import price figures also for January highlights today's US economic calendar.   

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