Northern Ireland Negotiations Resume as Pound Strengthens

The Pound strengthened against many of its rivals on Friday as there was optimism surrounding the Northern Ireland protocol.

Investors had high hopes as negotiations continued as the change in tone and approach from the UK was welcomed by the European Commission. This saw the currency finish the day at 1.1713 against the Euro and 1.3405 against the US Dollar according to the Foreign Exchange Market.

It was a difficult end to the week for the Euro as Eurozone industrial production contracted for the second month in a row. There were also political tensions between the EU and Belarus and this placed pressure on the single currency, especially as threats to halt gas supplies to the EU were made in reaction to planned EU sanctions. 

The US Dollar lost some of the ground it had made at the start of the week after some profit-taking and a risk-on mood. A lack of positive data also worked against the Greenback as the University of Michigan’s consumer sentiment index dropped which came as a surprise to investors. As the week begins, it’s likely that risk appetite is going to be the main driver behind the direction of 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