Currency exchange rates can be used for a variety of analysis: risk, consolidation, trend and arbitrage to name a few. As long as we can find an appropriate datafeed, we can use BOARD to incorporate exchange rate analysis into our models. Attached is a simple model for pulling in currency exchange rates from MyCurrency.net using their free API. I have also loaded country flag images into the model from flagopedia.net. The screen isn't flashy, but I think it illustrates how easily web service exchange rate data can be incorporated into a model. I envision this being helpful in my multi-currency models. In a multi-currency budget, assumptions are made around currency in the plan. As we forecast through the year, these rates can be updated automatically, so teams do not need to do so manually.
In this main screen, we can see the current exchange rates, along with a flag for the related country. The button runs the Refresh Rates process, to pull updated data from the web service. By setting the grid as the master layout, whenever a different currency is selected, the flag will change appropriately. Flags are also set as the tooltip on each row of rate data. Instead of assuming flags are currency-specific, the relationship between currency and country helps accurately relate the two.
- Consuming web services in BOARD is so much easier than Excel
- Blob cubes are a handy way of associating images to data and presenting it more elegantly
- If you want to load historical rates, you'll need to consider what grain is relevant. Most APIs have an optional date parameter so allow historical queries
- No dataflows were required to load the data
- It might be better to split metadata updating from fact loading depending on how you want to use it
- These rates are based in USD. That might not be best for everyone, so other datafeeds may be more appropriate
Depending on the type of analysis you're trying to do, there are a number of good currency feeds available. Here are a few. Please comment with others, so we can all find the best ones to use with BOARD. I would have preferred loading a HTTP CSV file, but I couldn't find an appropriate source.
- Historical Rates - https://currencylayer.com/
- Crypto - Currency Data Feed, Exchange Rates, Forex & CryptoCurrency API - Currencydatafeed.com