Euro (EUR)

The pound has clawed back some losses and is now down 0.09% against the dollar at $1.2759.

Sterling has also extended gains against the euro to rise 0.16% at €1.1212.

Away from the Turkish lira, the pound is trading 0.23% against the dollar at $1.2743.

However, sterling is marginally up against the euro at €1.1195.

BBC

Any hopes that on-target GDP figures for the second quarter would boost the pound have been dashed - it is down 0.37% against the dollar at $1.2777.

The pound is, however, up 0.20% against the euro at €1.1144.

Laith Khalaf, senior analyst at Hargreaves Lansdown, says: "A weak pound and strong dollar does have a tangible knock on effect on the UK economy, as we have seen from the wave of closures and profit warnings from the retail sector. Not everyone loses out from weaker sterling though, exporters and the domestic tourist industry should benefit, as do stock market investors, thanks to the international revenue streams of Footsie companies.

"However oil and other commodities are priced in dollars, which means higher energy bills and petrol prices for UK consumers, against a backdrop of weak wage growth, so the squeeze we have seen on discretionary spending looks like it has a bit further to run."

He adds: "All of this suggests the shackles are still on the UK economy, and that spells more or the same in terms of interest rate policy for the foreseeable future."

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The pound has fallen below $1.28 against the dollar.

It is down 0.24% at $1.2794.

BBC

However, sterling is up 0.41% against the euro at €1.1168.

Sterling has fallen further against the dollar and is now down 0.23% to $1.2853.

It is flat against the euro at €1.1096.

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Sterling is down a further 0.18% against this dollar this morning at $1.2859.

However, the pound has edged a little higher to €1.1098.

Sterling has been under pressure following comments from both the International Trade Secretary Liam Fox and Bank of England Governor Mark Carney about the possibility of a no-deal Brexit when the UK leaves the European Union.

BBC

The pound has fallen below $1.29 for the first time in nearly a year.

Sterling is now down 0.45% against the dollar at $1.2881.

It is also off 0.48% against the euro at €1.1103.

With the threat of a ‘no-deal’ Brexit – something highlighted by both Mark Carney and Liam Fox in the past few days – at the forefront of investors’ minds the pound took another troublesome tumble. Having opened unchanged, cable slipped 0.4% as Wednesday went on, causing sterling to fall below $1.29 for the first time since the start of September 2017. Against the euro, meanwhile, the currency shed half a percent, hitting a 9 month nadir and causing trouble for anyone from the UK about to go on their summer holidays."

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Sterling briefly fell below $1.29 for the first time since last September.

It is now trading 0.26% lower on the dollar at $1.2904.

Sterling is off 0.25% on the euro at €1.1128.

Concerns of a potential hard Brexit scenario have haunted investor attraction towards the pound and have left the currency vulnerable to downside shocks. The currency is likely to remain depressed ahead of Friday’s second quarter UK GDP report, which could offer fresh insight into the health of Britain’s economy. While a solid GDP print could throw the bruised pound a short-term lifeline, any meaningful gains may be obstructed by Brexit-related uncertainty and an appreciating dollar."

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The pound is hanging onto gains against the dollar today - but only just.

Sterling is trading up 0.17% at $1.2966.

However, it is down 0.13% on the euro at €1.1187.

The pound is now down 0.21% against the dollar at $1.2975.

Sterling is also 0.19% lower on the euro at €1.1220.

At the weekend, international trade secretary and Brexiteer Liam Fox said that the chance of a no-deal Brexit is growing which he blamed the "intransigence" of the European Commission.