Pound Sterling (GBP)

GBP/EUR - Today's data summary

% change
-0.14%
Price Euros
1.1237
Change
-0.0020
As of 20:29 24 Nov 2020

GBP/JPY - Today's data summary

% change
+0.21%
Price Yen
139.5830
Change
+0.2910
As of 20:30 24 Nov 2020

GBP/USD - Today's data summary

% change
+0.22%
Price US dollars
1.3355
Change
+0.0030
As of 20:29 24 Nov 2020

Latest updates

  1. 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.”

  2. 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.

  3. 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.

  4. Sterling up against the dollar

    currency center

    Sterling rose 0.76% against the dollar to $1.3147.

    Against the Euro, it slid 0.34% to €1.15 and against the Japanese Yen 2.16% to ¥134.48.

  5. Pound climbs as markets and oil prices fall

    The pound has climbed 0.64% to $1.3011 against the dollar today and 0.38% to €1.1958 against the euro.

    The price of Brent Crude futures has fallen 0.96% to $55.76 a barrel.

  6. Pound boost for late winter holidaymakers

    Kevin Peachey

    Personal finance reporter

    Euros and passport

    Holidaymakers lucky enough to travel into Europe during the February half-term holiday are getting an extra boost from the value of the pound.

    Sterling is close to its highest level against the euro since the immediate aftermath of the EU referendum, with tourist rates also at recent highs.

    The pound is fetching more than €1.17 in bureaux de change, but there are warnings that far worse rates are offered in airports.

    Meanwhile, the pound is continuing to trade at about €1.20 and $1.30 on the currency markets, where rates are higher than those offered to tourists.

  7. Sterling’s rise 'extremely premature'

    UK notes and coins

    The pound is still trading around the €1.20 and $1.30 levels, largely hanging on to the gains it made after Rishi Sunak was announced as the new chancellor. But at least one expert, Prof Costas Milas of the University of Liverpool's Management School, thinks it's an "extremely premature" rise that finds the currency "wrong-footed" by news of Sajid Javid’s resignation.

    "Markets are rushing to value positively the prospect of looser fiscal policy which will, presumably, stimulate the economy. Unfortunately, currency celebrations are really premature," he says.

    "What financial markets are missing is that [Mr] Javid’s departure has to do with his refusal to allow sound economic policy to be dictated by non-economic experts and the political cycle.

    "In other words, future economic policy will most likely be clouded by a mixture of political considerations and an increased risk of 'boom and bust' fiscal expansion."

  8. Pound rallies on chancellor reshuffle

    Sunak (r) in a Cabinet meeting, December 2019
    Image caption: Sunak (r) in a Cabinet meeting, December 2019

    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."

  9. Pound bounces back above $1.30

    Pound graph

    The pound slid more than 1% against the dollar yesterday on fresh fears of a no-deal Brexit and then fell further this morning to $1.2946.

    But it's now bounced back slightly and stands at $1.3008, up 0.08% on the day.

    Against the euro it's climbed 0.14% to €1.1769.

  10. Pound slides more than 1%

    Pound graph

    The pound has fallen more than 1% against the dollar this morning on renewed no-deal Brexit fears.

    It's slipped to $1.3066 against the dollar and to €1.1800 against the euro.

    Neil Jones, head of FX sales for financial institutions at Mizuho Bank, said market concerns over a hard Brexit are coming to the fore again and putting negative pressure on the pound.

    “My sense is investor fears of a no-deal scenario will resurface,” he said.

  11. FCA to examine pre-rate decision rise in the pound

    Pound coins

    The Financial Conduct Authority will investigate a rise in the pound just before Thursday's Bank of England's interest rate announcement.

    Sterling rose a minute before the Bank said it would keep the interest rate on hold at 0.75%.

    The Bank of England said it had asked the FCA to investigate what had happened.

    "We are aware of the incident and are looking into it," the FCA said.

    Simon Harvey, forex analyst at Monex Europe, said: "There were a few gasps around the room when we saw the price jump quite aggressively.

    "We are not used to seeing a big jump beforehand and so it raised eyebrows."

  12. Pound rises on rate hold

    The Bank of England's new governor Andrew Bailey
    Image caption: The Bank of England's new governor Andrew Bailey will have to 'land on his feet running'

    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.".

  13. Pound remains steady

    Pound graph

    The pound has been steady this morning ahead of a possible rate cut later this week.

    In early trading sterling has climbed 0.03% to $1.3068 but remaisn below a two-week high of $1.3180 it touched on Friday.

    Against the euro, sterling is at €1.1860, up 0.04% on the day.

  14. Pound creeps up

    Pound graph

    The pound has crept up against the dollar today, climbing 0.33% to $1.3053.

    Against the euro it has risen 0.38% to €1.1769.

  15. Pound up, FTSE down

    City trader

    A quick check on the markets and sterling has risen this morning, boosted by the stronger-than-expected UK employment figures which some analysts think makes the prospect of an interest rate cut next week less likely.

    Sterling is up 0.4% against the dollar at $1.3058, while against the euro it's 0.3% higher at €1.1753.

    But the FTSE 100 is not having such a good session, and remains down 1%. Most of the major European stock markets are down following big falls overnight in Asia, which were triggered by worries over the new virus in China.

    "The FTSE 100 was lower this morning, taking its cue from selling in Asia amid growing concern about the ‘coronavirus’ in China which has led to the death of at least four people," said AJ Bell investment director Russ Mould.

    “The markets will be watching nervously amid reports the deadly virus has spread to neighbouring countries, with all the potential economic disruption that could cause."

  16. Weak retail numbers pull down sterling

    pound chart

    The pound lost early morning gains against the dollar dropping 0.22% to a low of $1.3052 on the dour retail figures released by the Office of National Statistics.

    Commenting on the numbers, Karen Johnson, head of retail and wholesale corporate banking at Barclays said: “December was tough for UK retailers, with the expectation of the festive ringing of tills falling short of the mark.

    However, we can’t escape the fact that both the value and volume of sales in this period have clearly increased year on year and, whilst the ‘golden quarter’ might have underperformed in comparison to the rest of 2019, now is not the time to be downbeat as there are still positive signs for retail businesses.