Pound Sterling (GBP)

GBP/EUR - Today's data summary

% change
+1.01%
Price Euros
1.1046
Change
+0.0110
As of 15:39 22 Aug 2019

GBP/JPY - Today's data summary

% change
+0.90%
Price Yen
130.3950
Change
+1.1600
As of 15:39 22 Aug 2019

GBP/USD - Today's data summary

% change
+0.97%
Price US dollars
1.2241
Change
+0.0118
As of 15:44 22 Aug 2019

Latest updates

Pound surges on Merkel 'deal-friendly comments'

Connor Campbell, financial analyst at financial spread betting firm Spreadex, observes: "The German leader said the UK has until October 31st to find a solution to the Irish backstop conundrum, a phrasing that has been seen as more conciliatory - however imperceptibly - than the ‘find a solution in the next 30 days’ comments from Wednesday.

"Reacting as if there had been actual progress made, the pound showed its desperation for good news as it leapt around 1% against both the dollar and euro."

Pound jumps on Merkel comments

The pound jumped more than half a cent on Thursday to nearly a one-month high against the US dollar after German Chancellor Angela Merkel said a solution to the Irish border issue could be found before the 31 October Brexit deadline.

Sterling, trading around $1.2160 earlier, shot as high as $1.2265, before settling around $1.2217, up 0.8% on the day.

Against the euro, the pound rose as high as 90.415 pence , a more than 1% rise on the day and its highest since July 29.

Sterling edges higher

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The pound has edged higher today, although traders are keeping a close eye on Boris Johnson's Brexit talks with European leaders.

Against the dollar, sterling is currently up 0.3% at $1.2164, while against the euro it is also 0.3% higher, at €1.0971.

No-deal Brexit fears weigh on pound

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The pound continued to trade lower against the dollar and the euro amid fears about a no-deal Brexit.

Prime Minister Boris Johnson is set to meet with German Chancellor Angela Merkel in Berlin.

Mrs Merkel said on Tuesday that she was open to "practical solutions" regarding the Irish backstop after Mr Johnson called the plan "anti-democratic" and said it must be scrapped.

Marshall Gittler, chief strategist at ACLS Global, says Mrs Merkel comment "was viewed as a possible signal that the EU could be willing to negotiate on this point, but frankly I doubt it".

"I think she was just being polite."

Sterling is 0.32% down against the dollar at $1.2132. It is 0.28% lower on the euro at €1.0934.

Sterling ticks lower

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The pound is trading 0.29% lower against the dollar at $1.2135.

Sterling is also 0.25% down on the euro at €1.0938.

'Brexit noise' buffets pound

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The pound clawed back a little ground against the dollar and the euro by late morning trade but its trajectory is likely to be unsettled.

"More Brexit noise is likely as Europe ‘responds' to Prime Minister Johnson's demands," said Kit Juckes, macro strategist at Societe Generale.

Sterling is down 0.21% against the dollar at $1.2100, and 0.25% lower on the euro at €1.0920.

Pound drops on PM Irish backstop missive

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Sterling fell against both the dollar and the euro after Prime Minister Boris Johnson told the EU that the Irish backstop is "anti-democratic" and must be scrapped.

In a letter to European Council President Donald Tusk, the PM said the backstop - which aims to avoid a hard border - risked undermining the Northern Irish peace process.

The pound fell 0.31% against the dollar to $1.2090. It dropped 0.33% on the euro to €1.0911.

Mr Johnson is set to meet with German Chancellor Angela Merkel tomorrow and France's President Emmanuel Macron on Thursday before world leaders gather at the G7 summit in Biarritz at the weekend.

Elsa Lignos, analyst at RBS Capital Markets, forecasts that sterling could recover.

"We are tactically long [on] GBP in our trade of the week as we feel there is some short term risk of a bounce if this week's talks are not as bad as feared," she says.

Pound slides on the dollar and the euro

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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

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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
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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.