Food Supplies Threatened by UK Gas Crisis Causing Pound to Weaken

The ongoing gas crisis in the UK had a negative impact on the Pound during trading on Monday.

currency-news

The shortage of Co2 is going to have a big impact on the economy with meat processing and packaging likely to suffer. Furthermore, the shortage is likely to disrupt food supplies, with talk of Christmas likely to experience issues. As trading came to a close, the Pound finished the day at 1.1651 against the Euro and 1.3665 against the US Dollar according to the foreign exchange market.

It was a slow start initially for the Euro although it did gain some ground during the afternoon following a strong pullback from the US Dollar. Also bolstering the single currency is the fact that the US travel ban is being lifted from November, helping to boost travel stocks across the Eurozone. 

It was a strong start to the day for the US Dollar as investors took a risk-off mood which helped to provide support for the safe-haven currency. Despite this initial rise, a drop in US bond yields meant that it surrendered most of the gains it had made as the day moved on.

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