Pound Sterling (GBP)

GBP/EUR - Today's data summary

% change
+0.03%
Price Euros
1.0954
Change
0.0000
As of 20:21 19 Aug 2019

GBP/JPY - Today's data summary

% change
+0.17%
Price Yen
129.3850
Change
+0.2200
As of 20:22 19 Aug 2019

GBP/USD - Today's data summary

% change
-0.10%
Price US dollars
1.2135
Change
-0.0010
As of 20:20 19 Aug 2019

Latest updates

Pound slides on the dollar and the euro

Pound coins
Getty Images

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."

Sterling climbs against the dollar and euro

Pound coins
Getty Images

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."

Comic convention cancels event due to Brexit

A Fantastic 4 cosplay group at London Film and Comic Con in July
Getty Images
A Fantastic 4 cosplay group at London Film and Comic Con in July

Brexit uncertainty isn't just affecting British companies - it's also hitting events.

The London Film and Comic Con (LFCC) has announced that it is cancelling its winter event, which was set to take place in late November.

The fan convention, which is well known for flying popular US actors from sci-fi fantasy films and TV series to the UK for fan autograph sessions, says that it has been affected by the weakness of the pound.

"Running our larger events we are very dependent on the pound to the dollar exchange rate and recently the pound dived to its lowest rate in decades, which means that most US guests' costs have risen dramatically and this looks likely to stay this way until we all find out where we stand with Brexit in the coming months," Jason Joiner, the managing director of LFCC owner Showmasters wrote in a Facebook post to event attendees.

"This is a decision we have properly thought through and we do feel with all this uncertainty in the world and with the exchange rate fluctuation these issues are unlikely to stabilise before the Brexit outcome in October, and most likely until the end of the year."

LFCC said that it will automatically issue refunds on tickets for the winter convention that have already been purchased.

UK consumer shows "impressive resilience"

Shoppers on Oxford Street
Getty Images

According to David Cheetham, chief market analyst at XTB.com, the UK consumer has shown "impressive resilience to the slowing economy".

He said that this is the sixth time this year that monthly figures have been better than expected.

"Another bright spot was department stores where growth increased for the first time in 2019 after six consecutive monthly declines," he added.

The positive figures did not seem to have much effect on the pound, but Mr Cheetham said that this was not surprising as "at present economic data remains of secondary importance for sterling".

Pound edges ahead

Pound coins
Getty Images

The pound ticked higher on the dollar this morning, up 0.14% at $1.2076.

Sterling is 0.10% ahead of the euro at €1.0836.

Pound lifted by inflation figures

Pound notes and coins
PA Media

The unexpected rise in inflation this morning has boosted the pound.

Sterling is now up 0.2% against the dollar at $1.2084, and edging up 0.08% on the euro at €1.0804.

Sterling trims earlier fall

Pounds, dollars and euros
Getty Images

The pound has trimmed earlier falls and is now marginally up against the dollar at $1.2085 as well as 0.06% ahead against the euro to €1.0775.

According to Markets.com's chief market analyst Neil Wilson, the latest employment data is responsible.

"Sterling has found some very mild support from better wage data – pay up by the most in 11 years makes for a good headline for sure, but the risk of no-deal Brexit ultimately weighs," he said.

"Extreme positioning could signal we are in for a snapback, but it all rests on the politicians come September.”

Pound ticks lower on the dollar

Pound coins
Getty Images

Sterling dropped by 0.23% against the dollar to $1.2048 this morning.

Meanwhile, it is broadly flat on the euro at €1.0765 but banking group ING reckons that the pound could hit 95p against the euro during the third quarter.

It also said there was a growing likelihood of an election.

"Deal or no-deal a general election looks increasingly likely," said ING economist James Smith. "There's a 40% probability of a general election coupled with an Article 50 extension."

Storm before the calm for the pound?

BBC Radio 5 Live

UK currency
Getty Images

There has been an increase in the number of bets against the pound, according to The Times, amid the prospect of the UK leaving the European Union without a deal.

How is the mood among investors? Jane Sydenham, investment director at Rathbones, says: "The thinking has been if there's a no-deal that sterling would suddenly knee-jerk drop quite sharply in the short-term.

"I guess what happens after that will depend on, to some extent, how the government handles it," she says.

"But also we've been waiting for this to happen for such a long time that sometimes a share price or a currency is much weaker before the thing that everyone's worried about that happens happens."