Slip in Pound to US Dollar Rate Following Sterling Correction

On Tuesday, the Pound edged lower as investors decided to overlook the publication of the latest jobs report which indicated that unemployment had dropped to a three-month low.

currency-news

However, the drop in the pound was attributed to considerable profit taking after the Pound US Dollar rate managed to pass the key barrier of resistance. So, at the end of the day, according to the Foreign Exchange Market, the currency finished at 1.1583 against the Euro and 1.3939 against the US Dollar.

The Euro remained subdued on Tuesday after improvements in the US Dollar reduced demand for the currency. However, the release of the verdict on the Johnson and Johnson vaccine from the European Medicines agency helped to support the single currency. 

After a weak start to the week, the Us Dollar was able to gain traction yesterday following a change in market risk appetite. An increase in US Treasury yields helped the US Dollar to stand firm, despite the yields remaining below their 14 month high. Looking ahead, it is likely that a lack of data is going to mean that investors will focus on yields and global economic sentiment.

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