Since its introduction as the currency for the majority of Europe, the euro has been fighting with the US dollar for top spot in currency exchange.
The exchange rate history of the US dollar and euro
World First International Money Transfers
Special offer for finder.com readers:
Because World First is a trusted partner of finder.com, you can send your money transfer overseas for free.
No fees: There is a $0 online transfer fee for all finder.com customers.
- Competitive exchange rates
- Spot contracts, forward contracts and limit orders are available
- Weekly updates on market exchange rates
Today’s mid-market rate
We’ve gathered today’s best rates to inform your decisions when sending money from the US to Eurozone.
The official currency of the United States, the USD has been in circulation for well over 200 years and is now the world’s leading reserve currency. It took prominence in the market following World War II, when the United States used its exports and money to assist the war-stricken nations of Europe to recover from the damages. Since then it has become the most widely held currency in reserve around the world. Despite its faltering throughout the early millennium, the USD has been steadily gaining against the euro mostly due to its economic recovery and a continued weakness in the Eurozone.
Best GBP > EUR exchange rates
|1 USD =||1.0000||1.3108 Inverse: 0.7629||1.3328 Inverse: 0.7503||0.921897 Inverse: 1.0847||6.8724 Inverse: 0.1455||0.79821 Inverse: 1.2528||65.190002 Inverse: 0.0153||18.7861 Inverse: 0.0532||50.150002 Inverse: 0.0199|
|1 AUD =||0.7629 Inverse: 1.3108||1.0000||1.0168 Inverse: 0.9835||0.7033 Inverse: 1.4219||5.2429 Inverse: 0.1907||0.6089 Inverse: 1.6422||49.7329 Inverse: 0.0201||14.3318 Inverse: 0.0698||38.2590 Inverse: 0.0261|
|1 EUR =||1.0847 Inverse: 0.9219||1.4219 Inverse: 0.7033||1.4457 Inverse: 0.6917||1.0000||7.4546 Inverse: 0.1341||0.865834 Inverse: 1.1550||70.712892 Inverse: 0.0141||20.3777 Inverse: 0.0491||54.3987 Inverse: 0.0184|
|1 GBP =||1.2528 Inverse: 0.7982||1.6422 Inverse: 0.6089||1.6697 Inverse: 0.5989||1.1550 Inverse: 0.8658||8.6098 Inverse: 0.1161||1.0000||81.670272 Inverse: 0.0122||23.5353 Inverse: 0.0425||62.8281 Inverse: 0.0159|
US dollar historically strong against the euro
The euro (EUR) did have a strong start when it was first introduced. In 1999 it was first adopted and used in electronic transfers only, but was finally launched in 2002 as a true currency. Surprisingly, the EUR gave the USD a run for its money and transactions between the two currencies ran at a very tight range. At some points they were almost equal in value. That changed as the subprime mortgage crisis began to take hold of the US economy, causing the USD to lose 37% of its value against the EUR. Foreign exchange traders lost confidence in the USD, and many began trading on the EUR instead. The value of the USD against the EUR reached an all time low at the start of 2008, when it was valued at 0.526 euro. It was at this time that the economic crisis began to spread around the world and the value of the euro started to sink.
Further increasing the strength of the USD was the United States’ aggressive policies towards fighting its weakened economy. The ECB also increased their prime rate to 1.5%, causing a further rise in its value as the EUR continued to drop. This trend in growth continued throughout 2010 and 2011 as the US market grew stronger, only interrupted by periodic falls against the EUR when the ECB made attempts to stabilize the Eurozone.
Laws and legal documents when transferring large sums of money into Europe
US dollar to euro exchange rate history
Below you can find the average exchange rate for the past ten years.
|USD = EUR||0.8913||0.9370||0.7840||0.7830||0.8090||0.7480||0.7850||0.7480||0.7110||0.7600|
Data courtesy of the IRS.
The table below takes you through the value of the euro against some major currencies since its introduction in 1999.
|Chinese Renminbi yuan||9.5983||8.3830||10.8627||9.7398||7.1516|
The US dollar fluctuates slightly against a weaker euro
Starting in 2012 the Eurozone was in a full on economic downturn, with a number of its participating nations coping with a rising public debt. Growth was at a standstill and combined with a likelihood of deflation, the euro further weakened against the USD. Despite some stability towards the end of the year, the USD still remained higher than it had been at the same time in 2011, finishing at a high of 0.681 EUR.
The recent Greek debt crisis coupled with political instability in the Ukraine has allowed to USD to retain its place over the euro since 2013. In 2014 the United State unemployment rate began to drop and there was a surge in consumer confidence which further strengthened the dollar, putting it at an 11 year high against the EUR in 2015. This confirmed the predictions that the fall of the USD would be short lived.
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know