UK Economy Recovery Slows, Causing Pound to Struggle

On Thursday the Pound struggled as it lost ground against many of its main rivals after the latest data release highlighted that GDP growth had slowed during Q3 of this year.

When it comes to economic recovery, the UK is behind many of the other main economies while forecasts indicate that growth could slow down further in the fourth quarter. At the end of trading, the currency finished at 1.1675 against the Euro and 1.3365 against the US Dollar according to the Foreign Exchange Market.

A lack of data left the Euro experiencing a mixed day yesterday although it did manage to make up ground against some of the weaker peers. This came despite the negative correlation with a strengthening US Dollar. As tensions grew with Belarus after Minsk threatened to cut gas supplies the Euro was under pressure and this meant that gains were limited. 

Through the session on Thursday, the US Dollar remained fairly subdued and this was down to the partial closure of markets due to the Veterans Day holiday. However, the currency did edge higher against a number of its peers and this was down to the strong CPI seen on Wednesday.

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