When you are thinking about sending money abroad, an international money transfer provider is a great option. They can help you with the whole process, provide useful online tools and most importantly bank-beating exchange rates and low or zero fees.
This is the current USD-TOP mid-market exchange rate. The Total Cost of each foreign transfer in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market USD-TOP exchange rate.
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency must always be quoted in comparison to a second currency.
So it follows that if you are determining the best time to transact, in this case the USD vs TOP, you should pay attention to both United States Dollar and Tongan Paanga news and forecasts.
The US dollar had been falling steadily in the lead-up to the March-20 Fed meeting, and those that were selling the currency amid speculation of a dovish surprise were entirely vindicated after the central bank ditched its December projection for two 2019 interest rate hikes and said it now sees rates unchanged until 2020.
The extent of the Fed’s dovish turn meant that the dollar suffered a rapid and significant correction. The euro leapt on the new projections to a 6-week high against the dollar of $1.145 and other major and emerging market currencies followed suit.
The Fed’s reassessment of future monetary policy reflects concerns over domestic and global economic growth, as well as inflation and risks originating overseas, likely including Brexit.
Earlier this year, ING said the dollar would soon “embark on a gradual long-term bearish trend.”
CIBC said: “A slowdown in the economy is likely to weigh on USD particularly in the second half of this year.”
No recent Tongan Paanga market updates.