In recent days the Pound has been trapped in an unsteady cycle of declines against two of its key trading partners, the US Dollar and Euro, experiencing only modest, short lived gains against both currency rivals.
As European markets opened this morning Sterling managed to trim yesterday’s losses against the common currency, climbing 0.2 per cent from its weakest level of 84.24. However, solid PMI data for both Germany and the Eurozone erased this effort and allowed the Euro to achieve 0.8461 against the Pound, the lowest level seen for 11 months.
Significant further declines could be seen in this paring tomorrow if the UK’s fourth quarter GDP figures enhance the likelihood of the nation entering a triple dip recession later this year, potentially losing its coveted AAA credit rating in the process.
Sterling also fell by 0.5 per cent against the US Dollar following a decrease in US jobless claims.
However, the British currency has shown some strength today, recording solid gains against its South Pacific counterpart the ‘Aussie’ Dollar this morning. Despite positive Chinese data giving the Australian Dollar an initial boost, recent weak Australian economic indicators helped the Pound climb 0.45 per cent, trading as high as 1.5083, before a later downward correction.
Current GBP Exchange Rates
The Pound Sterling to Euro exchange rate is currently trading at 1.1806
The Pound Sterling to US Dollar exchange rate is currently trading at 1.5764
The Pound Sterling to Australian Dollar exchange rate is currently trading at 1.5062
The Pound Sterling to New Zealand Dollar exchange rate is currently trading at 1.8787
The Pound Sterling to Canadian Dollar exchange rate is currently trading at 1.5792
The Pound Sterling to Emirati Dirham exchange rate is currently trading at 5.7922
The Pound Sterling to Swiss Franc is currently trading at 1.4671
The Pound Sterling to Japanese Yen exchange rate is currently trading at 141.5400
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