Pound Gathers Momentum While US Dollar Remains Subdued

Through trading on Thursday, the Pound made some considerable gains off the back of the news that the Bank of England had revised its economic forecasts. This meant that the economy was expected to shrink less than the expected 14% while unemployment is not expected to reach 10% as previously expected. There was more good news for the currency as the UK’s construction PMI reached the highest levels seen since 2015 during July. At the end of trading, the currency finished the day at 1.1061 against the Euro and 1.3143 against the US Dollar according to the Foreign Exchange market figures.

currency news

There was a notable lack of confidence in the Euro on Thursday despite German factory orders increasing considerably from 10.4% to 27.9%. However, there were concerns from analysts who questioned whether the recovery is sustainable given the current structural issues throughout the Eurozone, not forgetting the impact that the potential second wave of coronavirus could have.

The US Dollar was slow moving on Thursday as talks surrounding new coronavirus stimulus fell flat. Despite Republican and Democratic leaders making it clear that they wanted to make a deal, no deal was reached. Focus is going to shift to the non-farm payrolls for July while employment figures are likely to leave investors disappointed.

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