Economy Recovery Hope Boost The Pound

Hopes of the UK economy opening further helped the pound to gather pace through trading on Monday. The currency, according to the foreign exchange rate finished the day at 1.1079 against the Euro, improving on last weeks closing rate. It was much the same against the US Dollar too, as the Pound rounded off the day at 1.2491, another healthy improvement compared to the end of Friday. As Boris Johnson plans to reduce the social distancing rules and announce the opening of the hospitality sector, investors are hoping that this could be the kick start that the economy needs in the UK.

currency news

It was a varied day for the Euro on Monday as any gains were held back by the news that there was still no agreement made on the EU coronavirus recovery fund. Despite this, there was a glimmer of hope during the afternoon as the consumer sentiment index in the Eurozone indicated that improvements had been made.

Despite an improving market mood, the US Dollar struggled and this was not helped by news that the latest domestic housing figures indicated that home sales dropped significantly during May. Improvements in the private sector could see the US Dollar meet with some uncertainty through trading on Tuesday.


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.