GBP to USD Rate Soars Past 1.31

The Pound pushed higher on Thursday, going beyond the 1.31 mark against the US Dollar while it also improved against the Euro finishing at 1.1119 according to the Foreign Exchange Market. After the Bank of England announced that they would be injecting £150bn into the economy, the currency gathered momentum. The injection was higher than expected and they also kept any news of negative interest rates at bay, helping to strengthen the Pound.

The Euro came out on top against the US Dollar with the rate hitting a two-week high although it did struggle against other currencies. However, investors were concerned by news that retail sales did not perform as well as expected and German factory orders also fell, proving that the economy in the Eurozone is not likely to recover any time soon. Despite this, it was offset this morning by news that German factory output had expanded for five months in a row creating a glimmer of hope.

After it became clear that Joe Biden is likely to win the election, the US Dollar took a fall after its appeal dampened. Once again, the Federal Reserve also left its monetary policy unaltered and sent out a warning that the slow pace of recovery was failing to inspire the Greenback.

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