9 November 2020: Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 11:14 pm EST, 9 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76934 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.29964 CAD

CAD/USD=0.76934   USD/CAD=1.29964

CNH/USD= 0.15178   USD/CNH=6.58714

EUR/USD= 1.18614    USD/EUR=0.84297

DKK/USD =0.15921     USD/DKK=6.27914

NGN/USD= 0.00261    USD/NGN=381.557

JPY/USD=0.00958       USD/JPY=104.36

INR/USD=0.01352       USD/INR=73.8335

JMD/USD=0.00674      USD/JMD=145.335

GYD/USD=0.00478       USD/GYD= 209.215

GHS/USD=0.17142       USD/GHS= 5.82570

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00910       USD/KES= 107.944

Source: OANDA

Major political/legal event in the United States

Biden launches transition website

Presumptive president-elect Joseph R. Biden has launched a transition website that describes his initial initiatives he plans to address upon taking office in January 2021.  Mr Biden appears prepared to engage in a level of spending to address faults and inequities in the American economic infrastructure that were in place prior to the Covid pandemic.  Spending initiatives include:

  • Providing state, local, and tribal governments with financial assistance;
  • Extending Covid crisis unemployment insurance to people out of work;
  • Provide a financial package for small businesses and entrepreneurs;
  • Creation of a public health corps that puts the unemployed to work fighting the pandemic.

No discussion has been provided by the transition team yet on the costs of these packages and the impact they may have on money supply expansion/contraction, trade, or foreign exchange rates.

Source: BuildBackBetter.com

Treasury announces tax deduction for pass-through entities

Today, the U.S. Department of the Treasury announced rule changes that clarify that State and local income taxes imposed on and paid by a pass-through entity are allowed as a deduction by the pass-through entity in computing its non-separately stated taxable income or loss for the taxable year of payment. 

Source: Treasury.gov

Update: Dollar continues depreciation against a number of currencies in face of more elections legal action by President Trump

As of 8:21 pm EST, 5 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76351 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30955 CAD

CAD/USD=0.76351   USD/CAD=1.30955

CNH/USD= 0.15097   USD/CNH=6.62248

EUR/USD= 1.17863    USD/EUR=0.84834

DKK/USD =0.15827     USD/DKK=6.31674

NGN/USD= 0.00260    USD/NGN=382.756

JPY/USD=0.00962       USD/JPY=103.98

INR/USD=0.01349       USD/INR=73.9934

JMD/USD=0.00678      USD/JMD=144.450

GYD/USD=0.00478       USD/GYD= 209.187

GHC/USD=0.00002       USD/GHC= 58,277.2

XCD/USD=0.37037        USD/XCD= 2.70

Source: Bankrate

Major political/legal event in the United States:  Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden reportedly has 264 unofficial Electoral College votes while Republican candidate Donald J. Trump has 214 unofficial Electoral College votes.

The official declaration of President-Elect is scheduled for 14 December 2020.

Today, the Board of Governors of the Federal Reserve System decided to maintain its target range for its inter-bank rate between 0 and .25%.

Also, today, President Donald J. Trump held a press conference expressing concern about how ballots were being counted in a number of states.  He indicated that he was prepared to pursue legal action to ensure that ballot counts were conducted in a fair and transparent manner.

Source: Bloomberg, Federal Reserve

The US Dollar takes a hit against particular currencies as ballot counting winds down.

As of 11:27 am EST, 5 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .75872 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.31781 CAD

CAD/USD=0.75872   USD/CAD=1.31781

CNH/USD= 0.14978   USD/CNH=6.67451

EUR/USD= 1.16944    USD/EUR=0.85500

DKK/USD =0.15704     USD/DKK=6.36610

NGN/USD= 0.00261    USD/NGN=382.732

JPY/USD=0.00956       USD/JPY=104.64

INR/USD=0.01341       USD/INR=74.4410

JMD/USD=0.00679      USD/JMD=144.248

GYD/USD=0.00478       USD/GYD= 209.165

GHC/USD=0.00002       USD/GHC= 58,333.7

XCD/USD=0.37037 USD/XCD=2.70

Source: Bankrate

Major political/legal event in the United States:  Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden reportedly has 264 unofficial Electoral College votes while Republican candidate Donald J. Trump has 214 unofficial Electoral College votes.

The official declaration of President-Elect is scheduled for 14 December 2020.

Today, the Board of Governors of the Federal Reserve System concludes their Federal Open Market Committee meeting.  The Board will report its fed funds rate decision at 2:00 pm EST.

Source: Bloomberg, Federal Reserve

Foreign exchange rates: Joe Biden holds on to projected Electoral College lead …

As of 2:32 pm EST, 4 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .75909 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.31720 CAD

Major event in the United States:  Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden is projected to win 227 Electoral College votes while Republican candidate Donald J. Trump is projected to garner 214 Electoral College votes.

CAD/USD=0.75909   USD/CAD=1.31720

CNH/USD= 0.14962   USD/CNH=6.68236

EUR/USD= 1.16900    USD/EUR=0.85533

DKK/USD =0.15697     USD/DKK=6.36901

NGN/USD= 0.00260    USD/NGN=383.455

JPY/USD=0.00956       USD/JPY=104.64

INR/USD=0.01342       USD/INR=74.3949

JMD/USD=0.00679      USD/JMD=144.248

Source: Bankrate

Are currency traders willing to pay more for the US dollar in face of US election? ….

Capital abhors a vacuum and even with the U.S. general election three days away, capital will try to cut through the campaign noise and seek out a return. From a political and legal event perspective, traders should assess the strength of legal challenges to voting, especially challenges raised by the Republican Party.

Republicans and Democrats have been building their legal teams for over a year and both will be on the lookout for voting irregularities including evidence of voter suppression or voter fraud. Republicans are expected to challenge authenticity of mail-in ballots and the deadlines for when these ballots are expected to be received. Traders should be particularly mindful of the intensity of Republican challenges given that incumbent president Donald J. Trump is running behind Democratic nominee Joseph R. Biden in national polls.

Real Clear Politics has Mr Biden polling at 51.3% versus Mr Trumps 43.5% during the period 21 October to 30 October 2020. PredictIt is pricing a .65 probability of a Democratic takeover of the White House versus a probability of .40 that the Republican Party maintains control of the Oval Office.

But the foreign exchange markets appear to see the value of the US dollar priced in various currencies increasing as we get closer to the election.

Country/Currency24 October25 October26 October27 October28 October29 October30 October31 October
Mexico (MXN)20.921020.840820.847620.966720.927121.169421.310121.2962
Canada (CAD)1.313611.311911.312201.318291.317761.325551.332211.33172
Japan (Yen)104.72104.66104.67104.87104.61104.30104.44104.49
China (Yuan)6.677336.676806.676806.699166.705156.716726.711576.68746
Euro.84496.84274.84288.84578.84622.85056.85398.85694
Eastern Caribbean Dollar2.702.702.702.702.702.702.702.70
Brazil (BRL)5.601805.618405.618185.621155.644745.722425.758215.76506
Price of US Dollar in selected exchange rates 24 October to 31 October 2020

With the exception of Japan and the Eastern Caribbean, the prices in foreign currency offered for a US Dollar have been inching up over the last week. Traders in the above nations reflect a number of major US trading partners and the increase in the amount traders in these countries are willing to offer a seller of the US dollar tells me that at a minimum, they have positive expectation in the potential for growth in the US and that public policies offered by Mr Biden might not deter expected growth or value of the dollar.

Again, traders should be on the lookout for any legal, legislative, or regulatory actions that thwart the ability of Mr Biden to garner enough votes to win the Electoral College.

Additional source: OANDA.com

Foreign exchange rates between U.S. and countries with diplomatic presence in Atlanta

As of 11:02 pm EST, 29 October 2020, here is the price of the U.S. Dollar in foreign currency of interest:

1 EUR= 1.17085 USD   1 USD= .85398 EUR

1 XCD (Eastern Caribbean) = 0.37037 USD  1 USD= 2.70 XCD

*1 CHD (Canada)= 0.75053 USD  1 USD= 1.33221 CHD

*1 CHF (Switzerland)= 1.09530 USD   1 USD= o.91281 CHF

*1 ISL (Israel)= 0.29219 USD     1 USD = 3.40283 ISL

*1 ARS (Argentina)= 0.01277 USD    1 USD = 78.2904 ARS

*1 BSD (The Bahamas) = 1.00 USD   1 USD = 1 BSD

*1 ECS (Ecuador)= 0.00004 USD    1 USD = 24,094 ECS

*1 BRL (Brazil)= 0.17356 USD   1 USD = 5.75821 BRL

*1 KRW (South Korea) = 0.00088 USD   1 USD = 1131.97 KRW

*1 HTG (Haiti)= 0.01575 USD   1 USD = 61.7871 HTG

*1 LRD (Liberia) = 0.00541 USD   1 USD = 184.727 LRD

*1 MXN (Mexico) = 0.04691 USD     1 USD = 21.3101 MXN

*1 JPY (Japan) = 0.00957 USD   1 USD = 104.44 JPY

*1 JMD (Jamaica) = 0.00678 USD   1 USD = 144.351 JMD

Source: Bankrate

Buying a piece of America from abroad? Here are your rates….

As of 9:04 am EST 22 October 2020, here are your exchange rates from selected countries:

1 Euro = $1.19 USD

1 Kwanza= $0.0015 USD

1 Rand= $0.061 USD

1 Naira= $0.0026 USD

1 Rupee= $0.014 USD

1 Shilling= $0.0092 USD

1 Yuan= $0.15 USD

1 Eastern Caribbean Dollar= $0.31 USD

Source: Morningstar