Further Recovery For The Pound As Coronavirus Piles Pressure On The Euro

The Pound continued to recover through trading on Wednesday with rates against the Euro and the US Dollar becoming stronger. This saw the currency finish the day at 1.0979 against the Euro and 1.2972 against the US Dollar according to the Foreign Exchange Market. Along with this, exchange rates were bolstered by news that the Internal Markets Bill could be avoided in order to avoid breaking international law. This also helped to ease concerns over the economy after the UK’s consumer price index saw inflation drop to 0.2% during August.

There was not a lot of movement for the Euro yesterday as there was not a lot of data released to push it in either direction. There was an element of caution surrounding the impending announcement from the Federal Reserve about their rate decision. However, the increasing coronavirus cases in Europe also caused the Euro to struggle.

The European session saw the US Dollar lose some ground yesterday following US retail sales figures for August coming in lower than expected. The safe-haven currency attempted to recover lost ground during the afternoon although this was stopped in its tracks after the Federal Reserve indicated that rates will remain held until 2023.

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