Supply Chain Concerns Puts Pressure on Pound

There was very little movement for the Pound on Wednesday as ongoing supply chain issues left investors concerned.

currency-news

The reports of increased disruption left traders unsettled as this is likely to have a significant impact on the economic recovery in the second half of the year. As a result, the Pound finished the day at 1.1692 against the Euro and 1.3762 against the US Dollar according to the Foreign Exchange Market.

During trading yesterday, the Euro nudged lower following the latest German IFO business climate index which came in lower than expected which caused concerns about the largest economy in the EU. Comments from the European Central Bank suggested that it is too early to discuss the finalisation of the pandemic stimulus measures.

The US Dollar Edged higher against many of its peers as the recent US durable goods orders came in above expectations. Goods order growth dropped by 0.1% which meant that it beat forecasts while a drop in market sentiment also helped to boost the appeal of the Greenback.

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