Pound Soars as US Dollar Experiences A Dip

Through Monday’s session, the Pound rallies with the potential hawkish change in the Bank of England’s outlook later this week enhancing expectations.

currency-news

After the US Federal Reserve’s Projections for a sooner-than-expected rate increase as well as a rise in inflation in the UK, it’s expected that the Bank of England will take a stern stance on the decision they make. At the end of trading yesterday, the currency finished at 1.1692 against the Euro and 1.393 against the US Dollar according to the Foreign Exchange Market.

The Euro lost some ground yesterday against many of its peers even though the Euro/USD rate increased following a drop in the US Dollar. The European Central Bank announced that tightening would be too soon and that could have a negative impact on the economic recovery. However, the single currency could get some support from an improvement in consumer confidence looking ahead.

A change in market mood forced the US Dollar to dip yesterday and this left investors taking profits. A shift in global risk sentiment results in the selling-off in USD although the Greenback still held firm after the Fed’s dovish comments still helped to support 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