Latest Currency News Amidst the Pandemic this 2020

Everyone has been hit throughout the COVID-19 pandemic from large businesses to the individual person. In some cases, there isn’t anything we can do sitting at home with our livelihood taken away. Whilst we may feel a little sour about this it is for our benefit and governments all over the world are implementing schemes to help their citizens through this awful time. At some point, things will return to normal and we will be able to continue our lives and COVID-19 will go down in the history books as something we weren’t ready for and had disastrous global effects. How disastrous are the effects we are currently seeing? Here we take a look at some of the latest currency news due to COVID-19. 

Exchange Rate 

Well, it’s safe to say that the exchange rate is all over the place thanks to the COVID-19 pandemic. The market we were used to has completely changed due to the fact businesses can’t go about their normal days and customers aren’t in a position to shop like they used to. With the lifting of lockdown in many countries if you are thinking of heading anywhere and need to change money, then you need to keep an eye out on the exchange rates. You’ll find more info here based on everything you need to know regarding what’s happening with the exchange rate at this time. It’s better to wait until the rate is as good as you think it will get before changing any money over. This is, of course, a risk when it comes to money exchange as the rate could significantly drop within the space of a day. Stay sensible and try to get the most out of your money. 

US Dollar 

It’s not just COVID-19 that’s affecting the exchange rate of the US dollar. The USA is in turmoil at the moment due to protests regarding the murder of the innocent civilian George Floyd. There are now widespread riots across the entire country and President Trump made history by being the first-ever President to go into hiding. All the lights went off in the Whitehouse and he retreated into the bunker residing below. Acts like this from the President and the order for the police to use force on peaceful protestors could create additional pressure on the USD. 

Canadian Dollar 

The Canadian Dollar has reached a high price due to the price of crude oil hitting its highest levels since the 6th March. This combined with the fact that the Bank of Canada has reduced its interest rates means that the CAD is in a pretty strong position. 

Euro 

The Euro seems to be doing a little better at the moment with it edging higher on the USD for the first time in a while. Investors see the Euro being able to cope and clawback it’s strength quicker than others and recover from COVID-19. Not only this, but with the escalations in America, the Euro will be a safer bet than any because of the protests. 

Great British Pound 

There are a few things currently affecting the GBP and it’s not just CODIV-19. The fact that Brexit has taken a back seat throughout this pandemic is something that will be music to most people’s ears. However, it’s something that we need to remember is happening, the UK has left the European Union and it will affect the strength of the pound. UK banks have been warned over the exit of Europe and they’ve been told to have an exit strategy. The combination of this and CODIV-19 doesn’t hold out much hope for the GBP. 

Overall 

Realistically, we have to take everything into consideration, 2020 hasn’t been kind to the human race and everyone should be having a think about what they can do better for themselves and the economy. Whether that’s buying locally or investing in areas they don’t usually. We should be thinking about coming out of the Pandemic and 2020 strong. The exchange rate will always alter day by day and it’s affected by everything, from banks to corporate companies to the average Joe, do what you can to try and stay financially healthy. 

There has been a lot happening over the last 4 months during the COVID-19 pandemic and each currency is changing daily. Some days it’s strong and others it’s the weakest it’s been for 30 years. We can worry ourselves by constantly checking the market and if our deals are safe, but the best thing to do is sit tight and wait for this to be over. Things have to get better from this, we’ve hit rock bottom.