No, exchange rates do not change daily, in the sense that the exchange rate does not change just once a day. For example, the pound will not change value just once versus the euro or US dollar, from Monday to Tuesday.
Instead, exchange rates change much more frequently. In fact, they change every second. So for example, the pound to euro exchange rate strengthens or weakens countless times during the course of 24 hours.
This is because the foreign exchange market is constantly “live”, meaning that it never closes, even at night, so the exchange rate is always changing.
So with all this in mind, the exchange rate doesn’t change daily, but rather every second of every day. This is because the exchange rate is a reflection of each country’s economy, which is always changing too!
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