Potential BoE Rate Hikes Push Pound Upwards

Through the session on Friday, the Pound was boosted by improved optimism that a resolution would be found to bring an end to the dispute around the Northern Ireland protocol.

There was further support for the currency in the form of a potential Bank of England rate hike this year which is likely to be implemented at its December Meeting. As a result, the currency rounded off the day at 1.185 against the Euro and 1.3745 against the US Dollar according to the Foreign Exchange Market.

The Euro lost ground against many of its rivals at the end of the week after dovish comments from the European Central Bank suggested that inflationary pressures are only temporary. This dampened support for the single currency and with a lack of data today, it looks as though the currency could see further losses.

It was a mixed day for the US Dollar as a rise in US retail sales came unexpectedly and helped to give the Greenback a boost, even though it also helped to improve the market mood. With a change in mood and investors taking risks, it means that the safe-haven currency traded in a narrow range on Friday.


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.