Exchange rate, interest rate and commodity price trends


EXCHANGE RATE TRENDS

Fiscal year 2009 was dominated by the uncertainty surrounding economic developments in Europe and the USA. In the course of the year, the euro rose sharply against the US dollar and also recorded gains against other key currencies for Volkswagen. For 2010, we expect exchange rates to remain volatile.

INTEREST RATE TRENDS

We expect short-term interest rates in the USA and Europe to remain low in 2010. Over the course of the year, we are anticipating a rise in long-term interest rates and a much steeper yield curve in these regions.

COMMODITY PRICE TRENDS

As forecast in the previous Annual Report, the price of exchange-traded commodities rose in the second half of 2009. Due to considerable uncertainties regarding the further development of the interest rate scenario, we expect the volatility of traded commodity prices to remain high.

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