Brexit Concerns Cause Pound to Weaken

On Thursday, the Pound was still under mounting pressure after the government confirmed the lockdown would remain in place for another three weeks. Along with this, the UK government also confirmed that they would refuse any form of an extension to the Brexit transition period. This saw the currency finish the day with the foreign exchange rate coming in at 1.1492 against the Euro and 1.2481 against the dollar.

The Euro lacked any form of direction on Thursday as investors paid attention to the ways in which countries in the Eurozone plan to return to normal. While the news was welcomed by investors who are looking to restart international payments and investments, there were concerns about the guidelines from the European Commission being ignored. These concerns related to the way in which countries in the Eurozone are not working together.

After a strong rally on Wednesday, the dollar came to a grinding halt during the European session yesterday as the news about the jobless claims filtered through. With more than 22 million people now unemployed in the US, investors are now concerned about the impact of this on the economy. However, the Dollar is likely to close out the session today on a high, all of which will depend on whether the concerns of a global recession push investors to look for safe-haven currencies.

Click here to view live market rates

NewbridgeFX:
Products

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.

NewbridgeFX
CONTACT
close slider

Contact NewbridgeFX

Please use the form below to contact NewbridgeFX and a member of the team will be in touch shortly