Grim Economic Outlook Causes the Pound to Drop

Tuesday was not one of the best days for the Pound as the currency experienced a sharp fall. This came after the Bank of England chief economist Andy Haldane commented on how GDP is likely to shrink during the first quarter and that it is likely to be a slow process of rebounding once the pandemic has passed. Along with this, he also claimed that consumers might not want to spend as vigorously as they did before the pandemic once the lockdown is relaxed. As a result, the Foreign Exchange rate indicated that the pound weakened against the Euro and the Dollar finishing the day at 1.1330 and 1.2296 respectively.

currency news

The Euro was given a lift during Tuesday against both the pound and the dollar. This came as a result of the unexpected Eurozone and German sentiment figures shot up to positive numbers. Germany saw the biggest upswing since records were taken and this could indicate that investors are beginning to see an end to the current situation.

The US Dollar also gathered some momentum yesterday as investors sought safety with the currency after US oil prices collapsed, all of which caused a certain level of uncertainty in local and international payments.

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