Impressive Increase in Pound to US Dollar Rate

The Pound nudged higher again on Tuesday after media reports suggested that a Brexit trade deal was edging closer. However, these gains were limited after it became apparent that the latest jobless figures in the UK reached a new three-year-high in October. It’s likely that the release of the consumer price index is going to place additional pressure on the currency today. However, as trading closed yesterday the Pound finished the day at 1.1062 against the Euro and 1.3444 against the US Dollar according to the Foreign Exchange Market.

There was very little movement for the Euro yesterday as investors continued to show concern for the new lockdowns that are coming into force. Despite this, the single currency was able to hold off on any significant losses as the US Dollar weakened. However, the Euro is likely to face pressure today as the latest PMI figures for the Eurozone are due to be released.

There were losses for the US Dollar on Tuesday after investors moved away from the safe-haven currency after Moderna announced that its coronavirus vaccine was highly effective. The latest US industrial production figures also reduced the appeal of the safe-haven currency as figures indicated that factory output had dropped in November.

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