Downturn in Market Sentiment Causes US Dollar to Strengthen

On Friday, the Pound traded sideways against many of its peers as the GDP release did nothing in the way of bolstering the currency.

currency-news

UK GDP came in at 0.1% during July and that left investors believing that the economy had stalled. Some called it nothing more than a blip after it increased by 1% during June although expectations suggest that growth is likely to improve during the rest of the year. As a result, the currency finished the day at 1.1712 against the Euro and 1.3833 against the US Dollar according to the Foreign Exchange Market.

It was a mixed day for the Euro as it lost ground against the US Dollar but beat many of its peers. This improvement came following news that the European Central Bank would slow down the speed of pandemic-era bond buying. Furthermore, forecasts for growth and inflation were also lifted by the ECB. 

Through trading on Friday, the Us Dollar strengthened following a rise in US Treasury yields which helped to bolster the Greenback. It also gained support from a risk-off mood with inflation and growth concerns as well as the slow down of crisis-era stimulus markets causing investors to seek haven in the currency.

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