Pound Loses Ground as Us Dollar Soars

The Pound lost some of its momentum on Friday as UK retail sales experienced a drop during May.

This saw sales plummet to 1.4% instead of reaching 1.6% as experts had expected. This placed increased pressure on the currency. This saw the Pound finish the day at 1.1634 against the Euro and 1.3801 against the US Dollar according to the Foreign Exchange Market.

On Friday, the Euro nudged higher after current account figures from the Eurozone showed a surplus of €31.4bn in April which came in higher than the expected €18.5bn that was forecast. Pressure was eased on the single currency after US Treasury yields took a dip which was welcomed after the single currency had suffered from its negative correlation with a strong US Dollar. 

The US Dollar combined all of its gains on Friday following its growth earlier in the week after the Federal Reserve gave an aggressive outlook. In the currency market, the US Dollar continued to remain dominant, regardless of US Treasury yields dropping as the session moved forward. It’s likely that the US Dollar will continue its upward momentum today but that is dependent on the Fed’s hawkish bias.


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.