United States Dollar General Info
The three letter currency code for the United States Dollar is USD and the symbol is $. It is the domestic currency in United States, East Timor, Ecuador, El Salvador, British Virgin Islands, US Virgin Islands, Caribbean Netherlands, Turks And Caicos Islands and Zimbabwe.
Other nations besides the United States use the U.S. dollar as their official currency. For instance, Panama has been using the dollar alongside the Panamanian balboa as the legal tender at a conversion rate of 1:1. Ecuador, El Salvador, and East Timor all adopted the currency independently. The former members of the U.S.-administered Trust Territory of the Pacific Islands, which included Palau, the Federated States of Micronesia, and the Marshall Islands, chose not to issue their own currency after becoming independent, having all used the U.S. dollar since 1944. Two British dependencies also use the U.S. dollar: the British Virgin Islands and Turks and Caicos Islands. The islands Bonaire, Sint Eustatius and Saba, now collectively known as the Caribbean Netherlands, adopted the dollar on January 1, 2011, as a result of the dissolution of the Netherlands Antilles. The U.S. dollar is the official currency for governmental transactions in Zimbabwe.USD Foreign Transfers USD Travel Money
United States Dollar - Recent Performance
The dollar began November close to multi-month highs. Major dollar rates include EUR/USD, which ended the first session of the month at 1.162, down nearly 4% on levels in early September, and USD/JPY, which stood at 114.18, up 6.4% from September’s low. The US Dollar Index stood at 94.85.
The dollar’s September-October rally was a welcome change from its near-12% fall in the January-August period.
Long-term dollar sentiment remains downbeat.
In the expert opinion of ABN Amro, Saxo Bank and others, Donald Trump’s proposed tax cuts are either unlikely to make it through Congress or won’t have the reflationary effect that investors are hoping for. Furthermore, if Jerome Powell is named as the next Chair of the Federal Reserve, as is rumuored, he is likely to follow his predecessor’s footsteps by proceeding cautiously on interest rate rises, which may disappoint dollar traders.
In late October, Credit Agricole added its name to a growing list of banks predicting difficult times ahead for the dollar. The bank said that the currency’s September-October rebound was “unlikely to extend much further.”
Earlier in October, Saxo Bank predicted that the dollar would “top out” in Q4 and “continue its longer-term decline.”
In September, ABN Amro expressed “strong conviction” on future dollar weakness and Nomura reaffirmed its “structural bearish view.”