Record GDP Drop Sees The Pound Face Struggles

The Pound suffered throughout the session on Thursday as the currency reacted to a downturn in market sentiment. At the moment, the currency is extremely volatile as Brexit negotiations are still ongoing and the impact that coronavirus has had on the economy is still causing problems. Therefore, the foreign exchange rate indicates that the Pound finished the day at 1.1138 against the Euro and 1.2582 against the US Dollar. What’s more, the news that the economy shrunk with GDP dropping by 20.4%, it is likely to have a big impact on the global markets

currency news

It was a tough day for the Euro too as the single currency was weakened following a surge to buy Us Dollars. However, there was news on the coronavirus recovery fund either and that weighed heavily on the currency.

The US Dollar performed very well on Thursday as it increased above many of its peers as many investors chose to take advantage of the save haven currency. Despite this, the Federal Reserve made some fairly concerning forecasts recently and that reduced some of the optimism relating to a strong recovery for the global economy. However, improvements in household confidence could see the US Dollar perform well again 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