GBP to Euro Rate Steadies While USD Rallies

The Pound edged higher on Wednesday after the latest GDP figures came in better than expected.

currency-news

The Office for National Statistics found that the UK economy had contracted by 1.5% during the first quarter which was lower than the prediction of 1.6%. With March showing a stronger-than-expected growth, it has raised hopes that GDP will see a record surge in 2021. So, at the close of trading, the currency finished at 1.1647 against the Euro and 1.4062 against the US Dollar according to the Foreign Exchange Market.

It was a defensive day for the Euro as the single currency struggled with its negative correlation with the US Dollar. However, these losses were capped as the economic projections from the European Commission saw growth forecasts raised following the improvement in the vaccine rollout.

During the session yesterday, the US Dollar surged after the latest US consumer price index indicated that domestic inflation had soared to 4.2% in April – the highest level since 2008. This was an increase that was higher than expected and that resulted in US investors revising their interest rate expectations.

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