ECB Comments Give Pound a Boost

The Pound edged higher on Thursday and this was mainly down to comments from the European Central Bank.

currency-news

It announced that interest rates would be maintained, keeping them at an all-time low. Furthermore, the currency also benefited from solid CBI Industrial data as manufacturing grew in the three months up to June. To add to this, retail sales rose by 0.5% and that helped to bolster the Pound. At the end of the day, it finished at 1.1695 against the Euro and 1.3768 against the Us Dollar according to the Foreign Exchange Market.

The Euro saw losses yesterday as it reacted to the news that the ECB would not be tightening its monetary policy. It has also said that its bond-buying programme would remain in place until March 2022. Additionally, consumer confidence figures were worse than expected and this placed a lot of pressure on the single currency.

The US Dollar also struggled as the markets reacted to a 53% week-on-week increase in covid cases. This left investors concerned that the economic recovery would slow down and not continue at the pace it has seen in recent months. 

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