Headline for .     Since the beginning of 2018, despite the Covid-19 pandemic, currencies around the world are generally down against the United States dollar.     
World Currency Observer
World Currency Observer

Exchange Rates: one year high and low

November 4, 2024. Next update: November 20, 2024. Visit Search to look at past issues of World Currency Observer (brochure edition).

Major influences on currency markets in the next few days will be the results of the November 5, 2024 United States presidential elections and the November 7 resetting of United States interest rates by the Fed, and results could include: the possibility of major tariffs on American imports from China, Europe and Mexico; new directions in trade relations among countries; measures which will have the effect of reducing the strong, often unacknowledged, contribution to the United States economy, particularly in the agricultural and services sectors, by the millions of undocumented immigrants which have flooded into the US from all over the world, along with the strong numbers of legal immigrants; and, action based on the increasing perception that United States interest rate reductions have, perhaps, fallen behind the pace of falling inflation, resulting in increases in inflation-adjusted “real” interest rates all over the world, with significant impacts on currency flows, such as interest payments by the large number of heavily indebted emerging economies. Turning the focus to what is happening right now (see below): in October 2024, the vast majority of currencies around the world fell against the US$, but in a large number of cases, these movements offset currency strength against the US$ in the previous three months

Looking at currencies around the world over the last month (also, see comments above): the Canada dollar, after falling by 3% in October 2024 against the US$, is down by nearly 2% from its value at this time last year. The Mexico peso is down by 15% from its US$ value at this time last year. Virtually all South America currencies fell by substantial amounts against the US$ in October 2024, after having moved up in September. Among these was the Suriname dollar, falling by 14% after months of appreciation, and is up by 8.5% against the US$ since this time last year. The Uruguay peso was down by 0.5% against the US$ in October. The Euro, after falling by 2.5% against the US$ In October 2024, is up by 1% since this time last year. The Swiss franc is down by 3% in October against the US$, and up by 3% since this time last year. The United Kingdom pound is down by nearly 3.5% in October against the US$, and up by 4.5% since this time last year. Most eastern and central Europe currencies fell against the US$ in October 2024 and, among these, the Hungary forint was down by 6% (down 4.5% since this time last year). The Türkiye lira was steady in October (net movement) and is now down by 22% from its US$ value at this time last year. The Russia rouble fell by 5% in October (there was a 2% increase in Russia interest rates at the end of October, against the worldwide trend), after a 1.75% fall against the US$ in September 2024 - the Russia rouble is now down by 5% against the US$ since this time last year. The Israel shekel was down by a little over 1% against the US$ in October, and is up by nearly 7% since this time last year. Almost all Africa currencies moved down against the US$ in October 2024 after having moved up in September. The Uganda shilling is up in October 2024 by almost 1% against the US$ and by 3% since this time last year. The South Africa rand fell by 2% in October, and is up more than 3.5% since this time last year. The Angola kwanza was up by 1.5% against the US$ in October, and down 11% since this time last year. Among the many Asian currencies that weakened in October 2024 after showing strength in September 2024 was the Japan yen: down nearly 7% in October, resulting in a 2.5% weakening since this time last year. The China yuan was down by 1.5% in October 2024 and up by 2.5% since this time last year. Gold and silver prices continue the steady climb that they started almost exactly two years ago - gold prices were then around US$1700 per ounce, and are now at around 2750. US$ prices of metals other than gold and silver were down in October 2024. Also down in general were prices of many agricultural commodities, such as cocoa – coconut and palm oil prices were up. Petroleum oil prices were up by 3% in October 2024, but are down by 11.5% since this time last year.

 Swiss franc October 2024.png

(World Currency Observer will next be updated on November 20, 2024. Visit Search to look at past issues of World Currency Observer (brochure edition). For permission-to-quote enquiries, e-mail World Currency Observer at WCO@briargreen.com.)