Now that you learned about API’s and how to use them in our previous post, I won’t bother to show you how, I’ll just tell you the what. The next free API is for exchange rates. Revenue Management planning often requires the use of exchange rates to forecast changes in demand based on changes in currency. There are dozens of APIs for exchange rates, but most of them are paid. Luckily, the European Central Bank offers a free, XML based, feed that you can use to download the current exchange rate. The rates are the closing rates for the previous date, but unless you are trading currency, this is good enough for most planning models.
Enter this link into your Excel Web Query:
You will get exchange rates for Euros for almost 30 countries into an Excel table. Since you do not have to get an API key, this feed is by far the easiest exchange rate API to use.
To learn more about this feed go here.
Note: Some of you may be unable to access public APIs because of a corporate firewall setting. Be sure to consult with your IT team if the process shown here does not work for you.
To learn more about useful Excel tricks for RM, consider our inexpensive Excel for Hotel Data Analysis course.
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Robert Hernandez, Statistical Analysis and Data Mining for Revenue Growth Robert is an expert in the field of mathematical Hotel Optimization and Analytics. He has spent the last 17 years building data-driven forecasting and optimization models for companies in over 20 different industries, from tech to tourism. Robert possesses a very unique skill set including cross-disciplinary experience, advanced mathematical and analytics skills, data transformation, industry-specific knowledge and business-process improvement expertise. Robert began his career at the Walt Disney Company in Revenue Planning. Read More+