Euro (EUR)

EUR/GBP - Today's data summary

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Price Pound sterling
As of 15:49 19 Nov 2018

EUR/JPY - Today's data summary

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Price Yen
As of 15:49 19 Nov 2018

EUR/USD - Today's data summary

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Price US dollars
As of 15:49 19 Nov 2018

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Sterling enjoys a pause

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"Taking good news where it could get it, the pound managed a meek rebound as investors processed the latest non-resignations," says Spreadex financial analyst Connor Campbell.

Sterling is up 0.27% against the dollar at $1.2809 and 0.31% higher against the euro at €1.1313.

"With its fortunes tethered to Theresa May, however, any growth comes with a cavalcade of caveats," says Mr Campbell.

"As for the FTSE, it erased its initial gains as the morning went on, a downturn from its banking and housebuilding stocks – which were already seriously hurt on Thursday – leading the index 0.4% lower and back towards 7,000."

Sterling rises but remains under pressure

Pound v the dollar
Pound v the dollar

The pound has extended gains on both the dollar and the euro.

Sterling is up 0.37% against the dollar at $1.2822 and ahead 0.13% against the single currency at €1.1293.

Despite Friday's rise, however, analysts still expect the pound to remain under pressure.

Ulrich Leuchtmannan, an FX strategist at Commerzbank, says: "As long as 'no deal' remains as likely as it is, there is a risk of a sterling depreciation spiral that is self-intensifying.

"Sterling volatility has woken up from its 100-year slumber and is likely to remain reactive."

Pound ticks higher

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The pound is trading up 0.19% against the dollar at $1.2799 while it is marginally ahead against the euro at €1.1283.

Scramble for the exit?

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The pound is now down 1.5% against the dollar at $1.2795 and down 1.39% against the euro at €1.1331 following this morning's ministerial resignations.

Nomura analysts Jordan Rochester and Andy Chaytor, said: "What concerns us is how many ministers seeing this news will be pondering if it is better to get their resignations in now rather than wait.

"If several ministers go this becomes more difficult for Theresa May to hold her position."

Sterling gains ground

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The pound has gained a little ground against the dollar - up 0.22% at $1.3018 - and trimmed its drop against the euro to €1.1484.

However, Ray Attrill, head of currency strategy at National Australia Bank, says: "Getting the draft [EU withdrawal deal] approved by the parliament will be extremely challenging and that's why we are seeing sterling gains capped at 1.30".

Sterling gains on dollar, falls on euro

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It's the morning after and the initial jubilation over cabinet backing for a draft EU withdrawal bill that lifted the pound against the dollar has waned a little.

Sterling is still above $1.30 - up 0.15% at $1.3010 - but is down 0.10% against the euro at €1.1480.

Prime Minister Theresa May will be making a statement in the House of Commons later this morning - Business Live will be keeping an eye on whether that affects the UK currency.

Pound dips ahead of Brexit meeting

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The pound is now down on the dollar ahead of a crucial meeting between Theresa May and the Cabinet where the Prime Minister will attempt to win backing for a draft EU withdrawal deal agreed last night.

Sterling is now down 0.12% against the dollar at $1.2955.

However, it is up 0.10% against the euro at €1.1496.

Germany and Italy put pressure on euro

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Commenting on the fall in German GDP in the third quarter, Capital Economic's Jennifer McKeown says: "It now looks likely that the Germany economy will grow by about 1.5% this year rather than our previous estimate of 1.8%."

She says she still expects a "healthy expansion of about 1.8% in 2019", but adds "there are clear downside risks relating particularly to the situation in Italy".

"And for now at least, the contraction in German GDP coupled with the Italian Government’s refusal to revise its budget plans will add to downward pressure on the euro exchange rate".

Sterling edges ahead on draft Brexit deal

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Sterling made a tentative rise against the dollar on Wednesday morning after UK and EU officials agreed a draft Brexit agreement.

The pound is 0.12% up against the greenback at $1.2986 and is up 0.16% against the euro at €1.1503.

Prime Minister Theresa May now has to get backing from ministers for the deal. They will gather at Downing Street this afternoon at 2.00pm.

Michael McCarthy, chief market strategist at CMC markets, says: "The bullish sentiment has certainly returned for the pound, but we need to see the finer details of the draft deal and May needs support from her ministers."

Cautious optimism lifts sterling

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The pound has staged a small recovery against the dollar - up 0.40% to $1.2902 - however, it is not enough to make up for Monday's drop after investors took fright about uncertainty over a Brexit deal.

Reports suggest that late night talks in Brussels ended with "optimism on both sides", although no final Brexit deal has been agreed.

Sterling is up 0.17% against the euro at €1.1475.