Imminent BOE Rate Decision Keeps the Pound on the Back Foot

On Wednesday, the Pound was range bound with a lack of movement, much of which was waiting on the latest rate decision from the Bank of England.

currency-news

Yesterday, the only data driving the Pound was the latest PMI figures which indicated that the UK service sector had contracted during January.  So, at the end of trading on Wednesday, the Foreign Exchange Market showed that the Pound finished at 1.1336 against the Euro and 1.36448 against the US Dollar.

Euro exchange rates followed the same direction yesterday as they continued to move downwards. However, the trend continued even though there was a strong rebound in inflation during January as indicated by the Eurozone’s consumer price index. The latest retail figures are likely to have an impact on the single currency, especially if it highlights that Germany suffered a significant drop in sales during December.

The US Dollar set itself up well yesterday and remained strong against most of its peers as it took advantage of increasing treasury yields. Despite this, some of the gains were lost after ADP employment figures and ISM non-manufacturing PMI were the strongest seen for two years.

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
Get a Quote
close slider

Contact NewbridgeFX

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