Pound Strengthens Against Both the Euro and the US Dollar

It was a stronger day for the Pound on Thursday, with the Pound to US Dollar sitting just below a new two year high while the Pound to Euro rate also neared a two-month high according to the Foreign Exchange Market.

currency-news

The current vaccination programme is gathering momentum and that bolstered the currency, helping it to navigate around the issue of high coronavirus cases. This morning, the UK GDP data release for November has seen a smaller contraction of growth than expected of 2.6%, helping to potentially give the pound more support. At the end of trading yesterday, the Pound finished at 1.1261 against the Euro and 1.3683 against the US Dollar.

The Euro edged lower yesterday after the minutes from the European Central Bank’s December policy meeting showed concerns around the Euro exchange rates. Along with market risk aversion, this meant that the Euro to US Dollar rate trended lower for the third day in a row.

The US Dollar retreated slightly on Thursday when it became apparent that the Federal Reserve would stand firm with its decision. Despite this, some losses were gained back after the stimulus announcement from Joe Biden did not cause investors to take risks. The latest US retail figures are likely to decide the direction in which the US dollar moves today.

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