Brexit Hope Drives GBP to USD Rate to New 31 Month High

Through trading on Wednesday, the Pound benefitted from a boost as a result of investors acting on comments from the European Commission President where a Brexit trade deal could be likely. However, this was soon stopped in its tracks following a statement from a Downing Street spokesperson who intimated that no-deal is still likely. The Bank of England is likely to release its final policy decision today and that could determine the direction of the currency. At close of trading yesterday, the Foreign Exchange Market showed that the pounds finished the day at 1.1069 against the Euro and 1.35 against the US Dollar.

currency-news

The Euro nudged higher on Wednesday after PMI figures were better than expected. They showed that both the manufacturing and service sectors showed improvements and this pointed to a smaller contraction in private sector growth.

It wasn’t a good day for the US Dollar as it hit a 31 month low after the Federal Reserve upgrades its growth forecasts. This saw risk appetite grow and that pushed down demand for the safe-haven currency. Along with this, there was a significant contraction in sales growth and that also placed more pressure on the Greenback.

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