Pound Loses Gains Against the US Dollar and the Euro

Sterling sentiment was dampened on Wednesday after news that a Brexit trade deal is unlikely to be reached by the deadline of the 15th November. As a result, the Pound to US Dollar as well as the Pound to Euro rates both slipped back to 1.3225 and 1.1225 respectively according to the Foreign Exchange Market. However, these losses were limited by the renewed optimism of a coronavirus vaccine. Despite this, news that the UK economy has bounced back from recession will be a welcome boost for the currency.

currency-news

It was a day on the defensive for the Euro after the single currency had to deal with the impact of rising coronavirus cases and new lockdown restrictions. With Italy likely to be the next country to go into lockdown, it’s likely that the single currency will be impacted. Despite this, the Euro to Pound rate has strengthened today on the back of the latest Brexit news.

Despite the ongoing political uncertainty, the US Dollar moved higher through trading on Wednesday. With demand for the Greenback increasing following the reluctance of Donald Trump to give up his post, the US Dollar also strengthened against the Pound as the rate dropped by the end of the day.

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