Pound’s Run Retreats Slightly

On Wednesday, it looked as though the Pound’s current run could be easing off. The Bank of England might have played a role in this as recent comments claimed that the recent increase in GBP exchange rates could have a depressive effect on inflation.

currency-news

Despite this, the currency did finish the day at €1.1624 against the Euro and $1.4141 against the US Dollar according to the Foreign Exchange Market. However, it does look as though the ongoing vaccine success could continue to boost the Pound through to the end of the week.

There was little movement in the Euro on Wednesday with the latest German GDP reading being revised slightly. This helped to ease the impact of the poor vaccination rollout across the Eurozone, causing concern that the economy won’t bounce back as quickly as expected. The latest EU summit is likely to discuss the vaccine rollout, so perhaps a solution will be found that could bolster the Euro.

After a sharp increase in Treasury yields, the US Dollar went on a rally. This came following improved progress on President Biden’s stimulus package, which is hoped can help to improve the economic recovery.

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