Pound Sterling (GBP)

GBP/EUR - Today's data summary

% change
+0.01%
Price Euros
1.1146
Change
0.0000
As of 11:06 18 Aug 2018

GBP/JPY - Today's data summary

% change
-0.04%
Price Yen
140.8850
Change
-0.0500
As of 11:08 18 Aug 2018

GBP/USD - Today's data summary

% change
-0.01%
Price US dollars
1.2750
Change
0.0000
As of 11:06 18 Aug 2018

Latest updates

Pound rises on the dollar

The pound is trading up 0.18% against the dollar at $1.2736.

Sterling is also 0.10% higher against the euro at €1.1187.

Retail sales data is 'solid'

Looking at the bigger picture a year-on-year increase of 3.5% compared to 2.9% forecast is no doubt pleasing and while there may have been some one-off factors which contributed to the improvement it is a solid data point nonetheless. After reaching its lowest level against the US dollar in over a year below $1.27 yesterday the pound clearly remains under pressure, but this release has caused a positive, albeit small, reaction which may hopefully lay the foundations for a more sustained recovery in sterling."

David Cheethamchief market analyst at XTB Ltd

Online retail sales offset high street gloom

Commenting on the increase in retail sales, Rhian Murphy, senior statistician at the Office for National Statistics, said: "Many consumers stayed away from some high street stores in July, but online sales were very strong, supported by several retailers launching promotions.

"Food sales remained robust as people continued to enjoy the World Cup and the sunshine.”

The pound edged up against the dollar to $1.2724.

Sterling dips on the dollar

The pound has edged down 0.17$ against the US dollar at $1.2700.

Signs of life from sterling

The pound is holding its own against the euro this lunchtime, up 0.16% at €1.1204. However, it's essentially flat against the dollar at $1.2768.

Pound rises above $1.28

The pound is up 0.31% against the dollar at $1.2807.

Sterling is 0.28% ahead against the euro at €1.1217.

Sterling gains

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.

Sterling falls against the dollar

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.

FTSE and pound still lower

City trader
Getty Images

A quick look at the markets and the FTSE 100 share index remains lower, down 49.14 points, or 0.6%, at 7692.63.

Russian gold miner Evraz is still the worst performing share in the index, down more than 9%, as investors react to the latest US sanctions.

On the currency markets, the pound remains below $1.28, down 0.4% for the day at $1.2767. However, it is up against the euro, rising 0.2% to €1.1143.

'Shackles' still on UK economy

The pound v US dollar on Friday
BBC
The pound v US dollar on Friday

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."