USD is Bolstered by Cautious Trade Forcing Euro to US Dollar Rate Down

Tuesday saw the Pound begin with a strong rally after the latest manufacturing PMI for the UK came in above expectations.

currency-news

Despite this, these gains were limited after the currency suffered from concerns surrounding the latest Scottish Parliamentary elections, pushing rates back down. At the end of the day, the currency finished at 1.1561 against the Euro and 1.3892 against the US Dollar according to the Foreign Exchange Market. It’s likely that the Pound is going to remain quite muted today as investors wait on the latest rate decision from the Bank of England.

The Euro had a quiet day on Tuesday after there was limited data released to help push it in an upwards direction. Instead, the currency was driven by the negative correlation with the US Dollar, causing it to take a defensive stance. The latest services PMI will be the main focus for investors today.

The US Dollar moved higher yesterday during the European trading session as a drop in equity markets created a risk-off mood that helped to strengthen the currency. These hopes were also bolstered by the likelihood that the US economy is going to make a swift recovery this year.

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