A Strong Start to the Week for the Pound is Undone by a Slump

The Pound reached a 13 month high yesterday against the Euro as it continued to benefit from the latest news that the economy is going to continue to open from the 12th April. 

Furthermore, the currency is also gaining traction from the ongoing vaccine programme which has now vaccinated over half of the population. Along with this, the International Monetary Fund also enhanced their forecasts yesterday, indicating that the UK economy is likely to grow at a faster rate than the US and the Eurozone. According to the Foreign Exchange Market, it finished the day at 1.1643 against the Euro and 1.3822 against the US Dollar.

With weaknesses in the Pound and the Dollar, the Euro strengthened yesterday, although there are still concerns surrounding the rollout of the coronavirus vaccine across Europe as well as growing case numbers. The latest PMI data for Germany beat expectations, showing a level of expansion that will help to give the currency a boost.

At the start of the week, the US Dollar weakened as a result of a drop in bond yields but it has strengthened slightly. The non-farm payrolls at the end of last week gave the Greenback a boost and investors will be looking for any indications of a less dovish tone from the Federal Reserve.


NewbridgeFX offers a specialist service in the deliverable foreign exchange market, promoting a range of products and services, available online or over the phone. Our products have been designed to meet the needs of our clients. A lot of these products are ways for businesses, and individuals, to manage and mitigate currency risk, and are used frequently during times of increased volatility. Alongside up to date foreign exchange related market news, which works in tandem with our range of products. 

Spot Contract

Lock in an exchange rate for immediate onward settlement. Funds can be received the same day.

Forward Contract

Lock in an exchange rate today, but for settlement at a later date that suits you, up to 12 months in the future.

Market Order

We monitor the markets real time and take action to trade between currencies when your desired rate is achieved.

Rate Alerts

Set an alert for phone or email notification when an exchange rate has be achieved to take advantage at the best time.