Today's Corporate Foreign Exchange Rates

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August 15, 2018

CountryCurrencyExchange Rate
Czech RepublicKoruna22.7155
New ZealandDollar$.6570
South AfricaRand14.5795

August 15, 2018

The US Dollar approached its highest level of the year against the Euro in cautious trading overseas. The lingering Turkish Lira crisis continues to haunt the Euro because of European banks' exposure to Turkey. The lira has lost more than 40% against the Dollar as financial markets are concerned over Turkish President Erdogan's tight influence over the economy and his resitance to interest rate increases to help stem double-digit inflation. Turkey's finance minister will look to reassure markets in a conference call scheduled for tomorrow. Safe haven demand continues to boost the US Dollar, Japanese Yen and the Swiss Franc. The plunge in the Lira has prompted capital outflows from other emerging markets such as Mexico's Peso and South Africa's Rand. Solid evidence of a robust US economy ahead of next month's rate hike by the Federal Reserve has  added further support for the US unit. A pending fiscal spending spree by the Italian government has created concerns within the European Union, adding further pressure on the Euro. The US Dollar's surge has also kept the English Pound on the defensive. The Pound stood at its weakest level since June 2017, as currency markets grow increasingly worried that the UK may exit the EU without a working trade agreement. The Pound has fallen for 11 consecutive trading sessions, its longest losing streak since August 2008. The Canadian Dollar hovered near 3 week lows. Gold fell to a 18 month low, on the greenback's advances over Turkey's financial turmoil. US stock futures point to a lower open this morning. Retail sales data for July tops today's US economic calendar.

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