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The pound "seems to like this reshuffle," says Neil Wilson of Markets.com.

He notes that the pound fell against the dollar after Sajid Javid resigned as chancellor. But it swiftly rebounded through 1.30 toward 1.30240 when Rishi Sunak was announced as his replacement.

Gilt yields also moved higher, with the market betting on "more spending, less austerity and more growth," under the new chancellor.

Mr Wilson describes the move as a "blatant power grab by Boris and Cummings over the Treasury".

"Boris Johnson is taking the Kirstie Allsopp approach to how to make Number 10 and Number 11 work for him: that is, just knock through.

"The fiscal floodgates are about to open – whatever brake the Treasury might have had on Number 10 has been cut entirely with this move."

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The pound has risen 0.35% against the dollar to $1.3067 after the Bank of England's Monetary Policy Committee voted to hold the interest rate.

Sterling also gained against the euro, up 0.21% at €1.1849.

The MPC made clear, however, that it may act if the UK economy fails to gain momentum.

"With Mark Carney seemingly having deferred this policy decision to his successor, Andrew Bailey will need to land on his feet running," says Principal Global Investors' market strategist, Seema Shah.

"Unless economic activity data improves measurably over the coming months, reflecting proof of the so-called 'Boris bounce', and interest rate cut is likely to remain on the agenda for 2020.".

A quick reminder of the movement in the pound the moment that exit poll was published from this tweet by the BBC's economics editor Faisal Islam on Thursday.

The pound has reached $1.3516 - the highest since May 2018 - but drifted back to around $1.3470.

The pound ticked lower on the dollar on Friday remains above the $1.31 level.

Sterling is down 0.19% $1.3133 and off 0.11% against the euro at €1.1838.

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Sterling is continuing to make gains on the dollar and the euro.

The pound is up 0.24% at $1.3136 and is ahead of the single currency at €1.1842.

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The pound has bounced back, slightly.

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.

Currently, £1 is worth $1.26 and €1.15.

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The dollar is trading up against the pound and the euro after the US unemployment rate fell to a 50 year low in September.

Conversely, the pound is down against the dollar and the euro amid Brexit pressures.

The pound has regained a little ground against the dollar and the euro following comments by Bank of England policymaker Michael Saunders about post-Brexit interest rates but is still trading down.

Sterling is off 0.24% against the dollar at $1.2294. It is down 0.27% on the euro at €1.1255.

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The attacks on Saudi Arabian facilities on Saturday has pushed up the price of oil and also had an impact in the currency markets during Asian trading hours.

The "safe-haven" Japanese yen and Swiss franc both firmed. The yen rose 0.3% to 107.79 per dollar and the franc rose 0.4% to $0.9883.

Currencies linked to oil-exporting economies were also higher: The Canadian dollar rose 0.4% to 1.3233 per dollar. The Norwegian krone was up 0.5% to 8.9363 per dollar

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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.

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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.

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The pound continued to trade lower against the dollar and the euro amid fears about a no-deal Brexit.

Prime Minister Boris Johnson is set to meet with German Chancellor Angela Merkel in Berlin.

Mrs Merkel said on Tuesday that she was open to "practical solutions" regarding the Irish backstop after Mr Johnson called the plan "anti-democratic" and said it must be scrapped.

Marshall Gittler, chief strategist at ACLS Global, says Mrs Merkel comment "was viewed as a possible signal that the EU could be willing to negotiate on this point, but frankly I doubt it".

"I think she was just being polite."

Sterling is 0.32% down against the dollar at $1.2132. It is 0.28% lower on the euro at €1.0934.

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The pound is trading 0.29% lower against the dollar at $1.2135.

Sterling is also 0.25% down on the euro at €1.0938.

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The pound clawed back a little ground against the dollar and the euro by late morning trade but its trajectory is likely to be unsettled.

"More Brexit noise is likely as Europe ‘responds' to Prime Minister Johnson's demands," said Kit Juckes, macro strategist at Societe Generale.

Sterling is down 0.21% against the dollar at $1.2100, and 0.25% lower on the euro at €1.0920.

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Sterling fell against both the dollar and the euro after Prime Minister Boris Johnson told the EU that the Irish backstop is "anti-democratic" and must be scrapped.

In a letter to European Council President Donald Tusk, the PM said the backstop - which aims to avoid a hard border - risked undermining the Northern Irish peace process.

The pound fell 0.31% against the dollar to $1.2090. It dropped 0.33% on the euro to €1.0911.

Mr Johnson is set to meet with German Chancellor Angela Merkel tomorrow and France's President Emmanuel Macron on Thursday before world leaders gather at the G7 summit in Biarritz at the weekend.

Elsa Lignos, analyst at RBS Capital Markets, forecasts that sterling could recover.

"We are tactically long [on] GBP in our trade of the week as we feel there is some short term risk of a bounce if this week's talks are not as bad as feared," she says.

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The pound is down 0.24% against the dollar at $1.2119. Sterling is also trading 0.31% lower against the euro at €1.0917.

It is a key week for Boris Johnson who will meet with German Chancellor Angela Merkel and French President Emmanuel Macron on Wednesday and Thursday respectively in the UK Prime Minister's first overseas meetings since his appointment.

He is expected to tell them that there needs to be a new Brexit deal. The UK is now 10 weeks away from the departure date on 31 October.

It comes ahead of the G7 Summit in Biarritz at the weekend.

Marshall Gittler, a strategist at ACLS Global, says: "I expect the pound to be increasingly volatile as the deadline approaches and more and more desperate measures get considered in public and probably even tried in real life.

"Hopes that something will be found to prevent a no-deal Brexit will send the pound up, as they did on Friday, but then the currency will come back down once it's realised that those hopes are unfounded."

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The pound is trading 0.67% higher against the dollar at $1.2155. It follows better than expected retail figures earlier this week for July which indicated consumer resilience as Brexit approaches.

Sterling was also up against the euro, up 0.67% at €1.0964.

Marshall Gittler, chief strategist at ACLS Global, says: "This suggests consumer spending is still holding up and still supporting the economy even though overall output contracted in the second quarter.

"It ties in with the relatively high wage growth that we sawearlier in the week."