What is the average currency value
Exchange rate. The exchange rate of the euro to the US dollar (average monthly reference rate)the price for a foreign currency unit. In the case of flexible exchange rates, this is determined according to the supply and demand for foreign exchange on the foreign exchange market. In a system of fixed exchange rates, the exchange rate is set politically (currency parity, parity) and supported by the central bank's currency purchases and sales (interventions) as part of its exchange rate policy.
Exchange rate. Exchange rate formation factorsThe exchange rate can be specified in the price quotation or the quantity quotation. The price quotation reflects the price of a foreign currency unit in domestic currency (e.g. € 0.90 per US dollar). The quantity notation expresses the amount of foreign currency received for one unit of domestic currency (e.g. 1.11 US dollars for 1 €). The level of the exchange rate of a currency affects not only what happens on the financial markets, but also foreign trade. If the exchange rate of the euro against the US dollar falls (the euro loses value against the US dollar), then goods from Euroland will become cheaper in the USA (exports will increase) and goods from the USA to Euroland will be more expensive (imports will sink).
Duden Wirtschaft from A to Z: Basic knowledge for school and study, work and everyday life. 6th edition. Mannheim: Bibliographisches Institut 2016. Licensed edition Bonn: Federal Agency for Civic Education 2016.
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