We strive to maintain uniform pricing on all of our products worldwide, but please understand that
with currency exchange rates changing every minute of every day, as well as variations in fees charged by each respective store, it is impossible for prices between two different shops to be exactly the same.
By paying for a transaction using bitcoin, one does not even have to be bothered
with currency exchange rates, as there is a fixed rate for all regions.
With live rates that are updated 24/7, the Forex Currency Converter is used to convert any given amount of money from one currency to another, providing
you with currency exchange rates that are up to date.
This will also have changes
with the currency exchange rates.
The example of such foreign exchange risk may be in an investment
with the currency exchange rate during converting money to another currency when its value is decreasing or increasing as if it needs to be converted back into the original currency.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions
with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases in the build
rates of certain aircraft; 6) the effect on aircraft demand and build
rates of changing customer preferences for business aircraft, including the effect of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign
currency exchange rates; 9) the success and timely execution of key milestones such as the receipt of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements
with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements
with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts
with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact of future discount
rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect of changes in tax law, such as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit
ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships
with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest
rates increase substantially; 27) the effectiveness of any interest
rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current
exchange rates, impositions of tariffs or embargoes, compliance
with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest
rates and foreign
currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture or restructuring activity, including the pending acquisition of Rockwell Collins, including among other things integration of acquired businesses into United Technologies» existing businesses and realization of synergies and opportunities for growth and innovation; (4) future timing and levels of indebtedness, including indebtedness expected to be incurred by United Technologies in connection
with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection
with the pending Rockwell Collins acquisition; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash, including in connection
with the proposed acquisition of Rockwell; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and
currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection
with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated
with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated
with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
The intervention likely has provided a lot of support to the spot
exchange rate, based on the spread
with the non-deliverable forwards (NDF), or a forward contract in which the parties settle the difference between the spot and contract
exchange rates without actually delivering the
currency.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital markets conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) the Company's credit
ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign
currency exchange rates and fluctuations in those
rates; (5) the timing and market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays
with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain growth in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures in European countries that may increase the amount of discount required on Gilead's products; an increase in discounts, chargebacks and rebates due to ongoing contracts and future negotiations
with commercial and government payers; a larger than anticipated shift in payer mix to more highly discounted payer segments and geographic regions and decreases in treatment duration; availability of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead's earnings; market share and price erosion caused by the introduction of generic versions of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect of lowering prices or reducing the number of insured patients; the possibility of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials in its currently anticipated timeframes; the levels of inventory held by wholesalers and retailers which may cause fluctuations in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates in the timelines currently anticipated; Gilead's ability to receive regulatory approvals in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development of Gilead's product candidates, including GS - 9620 and Yescarta in combination
with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to changes in its stock price, corporate or other market conditions; fluctuations in the foreign
exchange rate of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (t
exchange rate of the U.S. dollar that may cause an unfavorable foreign
currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (t
exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed
with the U.S. Securities and
Exchange Commission (t
Exchange Commission (the SEC).
These risks include, in no particular order, the following: the trends toward more high - definition, on - demand and anytime, anywhere video will not continue to develop at its current pace or will expire; the possibility that our products will not generate sales that are commensurate
with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; the impact of general economic conditions on our sales and operations; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated
with our international operations;
exchange rate fluctuations of the
currencies in which we conduct business; risks associated
with our CableOS ™ and VOS ™ product solutions; dependence on market acceptance of various types of broadband services, on the adoption of new broadband technologies and on broadband industry trends; inventory management; the lack of timely availability of parts or raw materials necessary to produce our products; the impact of increases in the prices of raw materials and oil; the effect of competition, on both revenue and gross margins; difficulties associated
with rapid technological changes in our markets; risks associated
with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters.
As a result of its weakening economy, China has abandoned its
currency peg
with the dollar and reduced the yuan's
exchange rate on three separate occasions this week.
Special risks are associated
with investing in foreign securities, including risks associated
with political and economic developments, trading practices, availability of information, limited markets and
currency exchange rate fluctuations and policies.
With the floating of the
currency in 1983, the first of these goals has been interpreted to mean price stability, rather than literally the stability of the
exchange rate.
And
with our guaranteed
exchange rate, we protect businesses from any risk of digital
currency price volatility while delivering on - time bank settlements in local fiat
currencies.
One of his views that always stuck
with me on that subject, at least as a starting point for thinking about it, was that it was somewhat nonsensical to talk about what «equilibrium
exchange rates» should be in a world of fiat
currencies and fractional reserve banking.
International stocks do come
with additional risks, as the
exchange rate of foreign
currencies and political issues in a country can affect the stock prices.
If we are not misinterpreting something, Beijing has hinted in veiled terms at possibly deploying its fairly tight control over the non-convertible
currency's
exchange rate as a weapon in the ongoing trade dispute
with the US.
For example, in the event that one or more European countries were to replace the euro
with another
currency, our sales into such countries, or into Europe generally, would likely be adversely affected until stable
exchange rates are established.
The Company calculates the impact of
currency on net sales by holding
exchange rates constant at the previous year's
exchange rate,
with the exception of Venezuela following the Company's June 28, 2015
currency devaluation, for which the Company calculates the previous year's results using the current year's
exchange rate.
We hold firm to the view, that the
currency move has nothing to do
with cyclical economic management and everything to do
with creating a more flexible
exchange rate mechanism that will enable the renminbi's admission into the International Monetary Fund's (IMF) special drawing rights (SDR) basket.
And that non-resource export growth is much more a function of U.S. demand than it is the level of the
currency to begin
with, so I'm doubtful there's a huge incremental positive boost related to the terms of trade and concurrent
exchange rate decline.
These opposing moves unsettled
exchange rates,
with the dollar appreciating against most other
currencies.
Bitcoin Transaction Coordinator maintains Bitcoin
currency exchange rates so amount owed in local
currency can be converted and paid
with Bitcoin.
«Repeated intervention to maintain the
currency's stability is at odds
with the «more flexible
exchange rate mechanism» the central bank announced just three weeks ago,» wrote Chen Long of Gavekal Dragonomics in a research note on Wednesday.
Also,
with talks about Serbia being included in the European Union, the dinar's
exchange rate with other major
currencies will likely be affected by monetary policies from the European Central Bank.
Companies often hedge
exchange rate exposure to try to deal
with currency risk.
Most of the Asian economies
with freely floating
currencies have experienced some
exchange rate falls against the US dollar in recent months.
Apart from that, buying bitcoin comes
with a 7 % transaction fee, and you may lose a bit of value on your fiat
currency from the
exchange rate.
Nevertheless, it's always good to note that
with crypto
currencies, fees are possibly charged when you buy or sell, as to how much, that depends on the
exchange platform you use and the
rates they charge.
Such traders have to
exchange their crypto
currencies like Bitcoin, Ethereum, Dash, Litecoin etc.
with fiat
currencies like Dollars, Euros, Yen, Rubles etc. at high
exchange rates.
Besides the traditional functions of money (store of value, medium of
exchange, unit of account), international
exchange rates give a new dimension to
currencies with several different ways of profiting from them (
with the risk of losing money as well).
Buy bitcoin and other cryptocurrencies safely
with super-high limits at world - class
exchange rates directly from the Wirex
currency account.
Jan Dehn, head of research at Ashmore Investment Management, says: «The adoption of a
currency basket should allow China to move more quickly to a flexible
exchange rate and is entirely consistent
with the stated objective of the renminbi's formal inclusion in the SDR.
Domestic inflationary pressures, associated
with higher wages and incomes, will lead to higher inflation for non-tradable goods and services but, at the same time, the gradual pass through of the initial
exchange rate appreciation will lead to lower inflation for tradable goods and services (whose prices in foreign
currency terms depend to a significant extent on global considerations).
One of the reasons why the
exchange rate is expected to stay at this level is the opposite paths that Canada and the U.S. are following
with their
currency interest
rates.
With Revolut, users can set up an app - based current account in 60 seconds, spend abroad in over 150 currencies with no fees, hold and exchange 25 currencies in - app and send free domestic and international money transfers with the real exchange r
With Revolut, users can set up an app - based current account in 60 seconds, spend abroad in over 150
currencies with no fees, hold and exchange 25 currencies in - app and send free domestic and international money transfers with the real exchange r
with no fees, hold and
exchange 25
currencies in - app and send free domestic and international money transfers
with the real exchange r
with the real
exchange rate.
Here are the salient features of SimpleFX along
with the reasons why it should be your next pick for best crypto
currency exchange rates and bitcoin price change:
The linking of Asian
currencies to the US dollar has caused some consternation in both the US and Europe
with the G7 statement being viewed by the market as a veiled attack on the
exchange rate policies of a number of Asian countries.
The column price is the
exchange rate relative to the USD
with the USD being the base
currency in the
currency pair.
In their May 2013 paper entitled «Forty Years, Thirty
Currencies and 21,000 Trading Rules: A Large - Scale, Data - Snooping Robust Analysis of Technical Trading in the Foreign Exchange Market», Po - Hsuan Hsu and Mark Taylor test the effectiveness of a broad set of quantitative technical trading rules as applied to exchange rates of 30 currencies with the U.S. dollar over extende
Currencies and 21,000 Trading Rules: A Large - Scale, Data - Snooping Robust Analysis of Technical Trading in the Foreign
Exchange Market», Po - Hsuan Hsu and Mark Taylor test the effectiveness of a broad set of quantitative technical trading rules as applied to exchange rates of 30 currencies with the U.S. dollar over extended
Exchange Market», Po - Hsuan Hsu and Mark Taylor test the effectiveness of a broad set of quantitative technical trading rules as applied to
exchange rates of 30 currencies with the U.S. dollar over extended
exchange rates of 30
currencies with the U.S. dollar over extende
currencies with the U.S. dollar over extended periods.
Using monthly spot
exchange rates versus the U.S. dollar and interest
rates for 25
currencies as available during January 1975 through May 2015 (
with the first ten years used to define interest
rate difference and
exchange rate volatility conditions as of January 1985), they find that: Keep Reading
If the supply of that commodity is limited (e.g., no more gold to make coins can be mined), then the ability to manipulate the
currency price (
exchange rate) downward by varying the quantity in circulation (as occurs
with quantitative easing in fiat
currencies) is no longer an option.
They then address gold as an investment as follows: portfolio diversification
with gold; gold as a safe haven; gold in comparison to other precious metals; relationships between gold and
currencies; mining stocks and
exchange - traded funds (ETF) as gold substitutes; interaction of gold and oil; gold market efficiency; gold price bubbles, interactions of gold
with inflation and interest
rates; and, behavioral aspects of gold investing.
Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events; the risks and increased costs associated
with operating internationally; our expansion into and investments in new markets; breaches in data security or other disturbances to our information technology and other networks; the spread of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes in fuel prices and / or other cruise operating costs; any impairment of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount of cash to service our existing debt; restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; fluctuations in foreign
currency exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times of the year; our ability to keep pace with developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Com
exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare
rates and occupancy levels at different times of the year; our ability to keep pace
with developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company
with the Securities and
Exchange Com
Exchange Commission.
But the capacity of the floating
exchange rate to respond to terms of trade changes —
with the
currency tending to appreciate when international commodity prices rise — is an important shock absorber for the Australian economy.
The President highlighted some of the obstacles to realizing the roadmap for the implementation of a single
currency in the sub-region to include, diverse and uncertain macro — economic fundamentals of many countries, unrealistic inflation targeting based on flexible
exchange rate regime and inconsistency
with the African Monetary Co-operation Programme.
With 22
currencies, there are big conflicts over
exchange rate management.
I should take a quote from «Equities Market Outlook in 2017» issued by Afrinvest reported in the media under the headline «Multiple
Exchange Rates Stall Foreign Inflow into Nigerian Equities» in January 2017, «Our interactions
with several foreign investors
with interests in Nigeria suggest that a decision to stake any position in the Nigerian market will be a function of
currency liquidity and a greater certainty on their ability to repatriate capital anytime they divest.
Even the Nigerian government had to postpone its $ 1billion Eurobond which was slated for 2016 to 2017 when a better investment environment had begun to emerge
with rising oil prices, larger foreign reserves, a new economic policy document and CBN policy refinements which have significantly increased the supply of foreign
currency and narrowed the gap between the various
exchange rates.»