New Coronavirus Challenges Cause GBP/ USD Rate To Drop

New coronavirus restrictions announced by the UK government caused the GBP to US Dollar rate to drop to 1.2735 on Tuesday according to the Foreign Exchange Market.  Along with this, there was also a drop in the GBP to Euro rate to 1.0878. The measures were not as draconian as the ones introduced in March yet investors are still very cautious. Despite this, any concerns surrounding negative interest rates were eased after the Bank of England made an announcement that this was not necessary yet.

currency news

During Tuesday trading, the Euro remained relatively rangebound after more concerns about coronavirus continued to hamper the single currency. New restrictions are beginning to be implemented across the Eurozone and again, that has caused investors to prepare themselves for a disruption in the recovery of the economy. Today, the preliminary PMI’s for September are going to be released and this could mount further pressure as private sector activity is likely to slow.

The US Dollar continued to tick higher yesterday following some optimism from the Federal Reserve after they testified in front of congress. The safe-haven currency was also boosted after market sentiment weakened following coronavirus concerns yet again.


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.