Pound Sterling (GBP)

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As of 04:22 16 Jul 2018

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GBP/USD - Today's data summary

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Price US dollars
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Latest updates

Pound recovers after Trump hit

Pound dollar

The pound has recoved some of its early losses against the dollar.

Early on it fell, which traders blamed on comments from President Trump who seemed to rule out any kind of trade deal with the UK after Brexit.

But in a press conference at Chequers he appeared to backtrack on that.

"Whatever you do is OK with us, just make sure we can trade together, that's all that matters. This is an incredible opportunity for our two countries and we will seize it fully," Mr Trump said.

The pound is trading at $1.3174. Earlier it almost dropped below $1.31.

Pound in the doghouse

So what do commentators make of the morning's market movements?

The European markets lost a bit of their shine as Friday went on, while the pound remained in the doghouse against the dollar. Dropping 0.6%, sterling now finds itself at its worst price since the end of June, with cable trading the wrong side of $1.3125. The currency has really taken Trump’s threat, that Theresa May’s ‘soft’ Brexit would kill a trade deal with the US, hard, the pound also falling 0.3% against the euro. Though a lack of US trade agreement would also be awful for the FTSE, the index chose to indulge in sterling’s losses, rising 0.4%. That increase was, however, a reduction on the index’s initial growth, with the FTSE slipping back under 7700.

Connor CampbellFinancial analyst, Spreadex

Midday update: FTSE up, pound still down

Let's check in on the markets now - and shortly after midday the FTSE 100 was still ahead at 7,683.45m that's a rise of 32 points or 0.42%.

The FTSE 250 was at 20,892.41, up 113 points or 0.54%.

However, the pressure on the pound, sparked by President Trump's comments on the PM Brexit plan, continued.

It was down by 0.62% against the dollar at $1,3124 and down by 0.27% against the euro at €1.1286.

Pound hit by Trump comments

Sterling and dollar
Getty Images

The pound has fallen by more than 0.5% against the dollar, following President Donald Trump's remarks on Theresa May's Brexit plan.

It's at $1.3134, that's a fall of 0.54%.

President Trump said the PM's new white paper, published on Thursday, "would probably kill" hopes of a us-UK trade deal.

Markets are also worried that the EU will demand more concessions from Britain before agreeing to a Brexit deal.

The pound is down 0.22% against the euro at €1.1291.

Weak pound lifts FTSE

Getty Images

We've got that split again where the FTSE is not necessarily rallying on massive confidence and risk appetite but ... more to do with sterling weakness that anything else. But the resilience is still there."

Mike van Dulkenhead of research at Accendo Markets

Pound and equities head higher

Paddy Power Betfair
Getty Images

The FTSE 100 has extended its lead and is now trading up 30.52 points at 7,622.48.

Paddy Power Betfair is biggest blue chip riser so far this morning, up 3.19% to £85.67.

B&Q-owner Kingfisher is the biggest faller, down 0.82% at 303.3p.

The FTSE 250 has lost some of its gains and is up 19.81 points at 20,662.08.

The pound is up 0.14% on the dollar at $1.3224.

Calm before the storm?

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The pound has barely budged against the dollar following the new GDP figures from the Office for National Statistics.

It rose just a little to $1.3252.

Given the latest political developments surrounding Brexit this economic data is really of secondary importance in driving the markets and traders are now keenly watching the latest from Whitehall and any signs of a leadership challenge to Prime Minister May. Should one occur, and be successful, then there is the potential for further declines in sterling but barring this eventuality then the outlook for the pound is markedly improved with a softer Brexit seen as favourable for the pound."

David Cheethamchief market analyst at trading firm XTB

Mercurial politics foxes investors

Today Programme

BBC Radio 4

Perhaps another reason why sterling didn't swing around more dramatically on Monday is simply the mercurial nature of politics.

Jane Sydenham, investment director at Rathbone Investment Management, tells BBC Radio 4's Today programme: "It is very difficult for investors to analysis politics. It is so fluid, it moves around so quickly, it is quite difficult to make a spreadsheet from it so there is a degree of indifference and concentration on the fundamentals in global markets generally."

Economics just right for investors

Today Programme

BBC Radio 4

Pound coins
Getty Images

Given the turmoil in government over Brexit, the pound as been relatively unscathed.

Jane Sydenham, investment director at Rathbone Investment Management, explains: "Although obviously it is all pretty dramatic from a political perspective, actually what the markets are really looking at is the US employment report on Friday which was fairly positive.

She tells BBC Radio 4's Today programme: "What that indicated is that the so-called Goldilocks scenario of relatively low inflation but growth is still going to continue and that's really what was driving markets yesterday which is why they were in a pretty positive mood."