Currency pair
EUR/USD — the Euro against the US dollar
The world's most traded pair. It matters to UK businesses whenever euro costs are set against dollar-priced inputs.
Reference market rates
EUR/USD reference rate and history
End-of-day published reference rates. Switch pair or period to compare.
EUR / USD
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Indicative FX reference rate
Reference rates are published once per working day, so the chart shows end-of-day values rather than intraday movement. Movement shown is against the previous published value. Past movement is not an indication of future rates.
Open the EUR/USD guideCurrency support built around your trade flows.
What we can set up once your account is open.
- Business payments worldwide
- Broad currency coverage
- Collections where available
- FX risk tools where eligible
- Pricing agreed before you commit
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Estimates use daily published reference rates and are for information only. They are not a quote and not an executable customer rate. No transfer is initiated from this website; your rate and any fees are confirmed before a transaction is arranged.
Context
What moves EUR/USD
The world's most traded pair. It matters to UK businesses whenever euro costs are set against dollar-priced inputs.
EUR/USD is the most heavily traded currency pair in the world, and its liquidity means pricing is generally tight and continuous throughout the trading day. It is not a pair that most UK businesses transact in directly — a UK company typically converts from sterling, not euros to dollars — but it is highly relevant as a reference point for UK finance teams with both euro and dollar exposure.
A common situation is a UK business that buys euro-priced components from an EU supplier but sells the finished product in dollars to a US customer, or vice versa. In that case, the EUR/USD relationship affects the underlying cost and margin dynamics even though the UK company's own conversions are GBP-based.
Because it is so widely quoted and referenced in financial commentary, EUR/USD also functions as a general barometer of relative economic strength between the Eurozone and the US, which indirectly feeds into how GBP/EUR and GBP/USD are discussed.
The recurring drivers of EUR/USD
European Central Bank and Federal Reserve policy divergence
The relative pace and direction of interest-rate decisions from the ECB's Governing Council and the Federal Reserve's FOMC is the dominant theme in EUR/USD commentary. Because both are among the world's most closely followed central banks, their statements are scrutinised in detail for any shift in tone.
Eurozone and US inflation and growth data
Eurostat's HICP inflation figures and US CPI from the Bureau of Labor Statistics are tracked in parallel, alongside GDP growth estimates for the Eurozone and the US. Comparative growth momentum between the two blocs is a recurring driver of sentiment toward the pair.
Global risk sentiment and the dollar's reserve-currency role
As the dollar is the principal global reserve and funding currency, EUR/USD is also sensitive to broad shifts in risk appetite that are unrelated to Eurozone-specific news, such as changes in global growth expectations or moves in US Treasury yields.
Who carries EUR/USD exposure
- UK businesses buying in euros and selling in dollars, or the reverse, across a single supply chain
- Group treasury functions managing both euro and dollar balances or receivables
- UK-based intermediaries pricing contracts referenced to either currency for international clients
- Finance teams benchmarking supplier quotes given in different currencies for comparable goods
What a rate move does to a margin
For illustration only: a UK distributor buys stock priced in euros from an EU manufacturer and resells it under a dollar-denominated contract to a US client. If the euro were hypothetically 2% stronger against the dollar between the purchase and sale dates, the margin on that transaction — once both legs are eventually converted back to sterling — would be affected by that movement even though no direct GBP/EUR or GBP/USD trade caused it. This is illustrative only and does not reflect any actual or forecast rate.
Managing the exposure
- Understand how much of your annual cost or revenue is denominated in USD
- Identify the point in your cycle where the rate becomes locked in commercially
- Decide what proportion of that exposure you are comfortable leaving to the market
- Review the policy at a set interval rather than only when the rate moves against you
Spot conversion
Convert EUR to USD at a rate confirmed before you commit, for payments settling now.
Forward contracts
Fix a rate today for settlement on a future date, so a known cost stays known. Subject to eligibility and onboarding.
Multi-currency capability
Hold, send and receive EUR and USD alongside other supported currencies, subject to eligibility.
Where it's used
Destinations that settle in USD
If you pay or receive in US dollar, these are the country guides most relevant to you.
Other pairs
Related currency pairs
- GBP/USDReference rateThe most widely quoted sterling pair, driven largely by the relative interest-rate and growth outlook of the UK and the United States.View GBP/USD
- GBP/EURReference rateThe workhorse pair for UK importers. Because so much UK trade settles in euros, small moves here affect a large share of landed cost.View GBP/EUR
- EUR/GBPReference rateThe same relationship viewed from the euro side — the quote European suppliers and customers usually work from.View EUR/GBP
- USD/JPYReference rateA benchmark for global risk sentiment, and relevant to anyone buying Japanese components priced against the dollar.View USD/JPY
- GBP/JPYReference rateRelevant to UK importers of Japanese machinery, components and vehicles. Historically one of the more volatile sterling crosses.View GBP/JPY
- GBP/AUDReference rateMoves with commodity prices and Australian interest-rate expectations as much as with sterling itself.View GBP/AUD
FAQ
EUR/USD questions
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