Pound Sterling (GBP)

GBP/EUR - Today's data summary

% change
Price Euros
As of 17:48 07 Aug 2022

GBP/JPY - Today's data summary

% change
Price Yen
As of 17:48 07 Aug 2022

GBP/USD - Today's data summary

% change
Price US dollars
As of 17:48 07 Aug 2022

Latest updates

  1. Where now for the pound?

    The Andrew Marr Show

    Sterling notes and coins and dollars

    If the UK and the EU fail to reach a Brexit agreement, there will be a great deal of focus on the value of pound.

    Back in June 2016, when the UK voted to leave the European Union, sterling plunged against the dollar and it has been volatile since though it has never managed to surpass $1.50 against the dollar.

    The pound v the dollar over five years
    Image caption: The pound v the dollar over five years

    Over the past week, the pound has been buffeted by the changing language emerging from the Brexit negotiations and is currently trading around $1.32.

    So what does Foreign Secretary Dominic Raab expect to happen to the pound?

    "There has already been currency fluctuations. Of course there's a flip side temporarily for that, it is a boost to exporters but obviously it has a challenge domestically," he told The Andrew Marr Show.

    When currency markets in Asia open this evening, we'll get our first indication of the scale of those challenges.

  2. Black Wednesday

    Video content

    Video caption: Kirsty Wark and guests recall the 1992 sterling collapse known as Black Wednesday.

    Kirsty Wark brings together bankers, traders and politicians from Black Wednesday in 1992, when an attack on sterling forced Britain’s exit from the Exchange Rate Mechanism.

  3. Sterling slumps

    Sterling graph for Wednesday intraday

    As you can see from the day's trading graph above the pound is sharply lower, part of a steady decline since 9th March.

    Sterling has experienced “one of its steepest declines in memory” writes Neil Wilson chief market analyst at Markets.com.

    It hit its weakest level since 1985, excluding the Oct 2016 “flash crash”, he says.

    At 1pm UK time a pound was buying $1.19 and €1.08.

    “There is a synchronised rush for dollars that has caught most companies, governments and traders on the hop,” Mr Wilson writes. But also: “the euro has developed certain safe haven characteristics. Sterling is, on the other hand, a bit of a proxy for risk.”

  4. Pound recovers ground

    Pound v dollar

    After a fall following the announcement of the emergency rates cut, the pound is back up into positive territory, trading up 0.37% against the dollar.

    Meanwhile, the FTSE 100 is up about 1.35% after the Bank of England unexpectedly cut interest rates to shield the economy from the impact of the coronavirus outbreak.

    Shares in major UK banks, including Lloyds, RBS and Barclays, rose between 1% and 2% after the central bank said lenders could use one of their capital buffers to maintain lending during the outbreak.

  5. Market update

    The pound slumped 0.5% against the euro to €1.136 and was little changed against the dollar at $1.289. The cut in rates makes the UK less attractive as a place to deposit money by foreign investors seeking cash deposits or bonds.

    Share markets reacted positively, albeit after a choppy week. The FTSE 100 rose 1.4% in early trading.