After a fairly dismal day that has seen sterling slide by as much as 0.9% against the dollar to trade as low as $1.25 - and undo a lot of last week's gains, the currency recovered some ground this afternoon.
It's now down 0.1% against the dollar and has gained slightly against the euro.
Sterling is off 0.24% against the dollar at $1.2294. It is down 0.27% on the euro at €1.1255.
Market sentiment improves
Ricardo Evangelista, senior analyst, at ActivTrades, has also been looking at the euro after the European Central Bank announcement on Thursday.
"Despite the announcement of a rate cut,
the start of a new asset purchase program and fresh bank incentives, the
markets appear, for now, unwilling to walk away from the single currency.
European Central Bank sent out a clear message, that no effort will be spared
to create more accommodating conditions for growth and to closer to the target
inflation; this appears to have inspired confidence in investors, that better
days lie ahead for the continent’s economy.
At the same time, positive signs
coming from both Washington and Beijing have lightened up market sentiment,
leading to greater risk appetite, which is beneficial for the euro".
Pound remains in the doldrums
The value of the pound remained in the doldrums today as investors scrabble to sell the currency amid worries that a general election in the UK could add to Brexit uncertainty.
Now worth less than $1.20, the pound has lost 20% of its value against the dollar since the Brexit referendum and is regularly trading at its lowest level since 1985, barring a brief "flash crash" in October 2016 when it fell as low as $1.15.
The pound is down 0.4% against the euro and 0.7% against the dollar.
After a tumultuous week that has seen the value of the pound fluctuate against both the euro and the dollar, sterling has been relatively stable so far today.
At present £1 is worth €1.10 and $1.22 on currency markets.
Pound falls as Johnson threatens to suspend parliament
The value of the pound has fallen this morning following news that Prime Minister Boris Johnson is planning to suspend parliament in a move that is expected to prevent opposition leaders from passing a law to stop a no-deal Brexit.
The pound is down 0.4% against the euro and 0.5% against the dollar. So £1 is now worth €1.10 and $1.22.
No-deal Brexit fears weigh on pound
The pound continued to trade lower against the dollar and the euro amid fears about a no-deal Brexit.