According to a quarterly business survey by the Confederation of British Industry, optimism about the UK economy among British businesses has fallen at the fastest rate since January 2009. More than half of businesses surveyed said that they were less optimistic about the general business situation than three months earlier.

The Bank of England is almost certain to cut benchmark borrowing costs when it sets policy on 4th August, but a slim majority of economists in a Reuter’s poll said it would hold off for now on restarting its asset purchase programme. All but three of the 49 economists surveyed since Friday expect the Bank to cut at least 25 basis points on 4th August from the already record low 0.5% it has sat at since early 2009.

Sterling edged down against the dollar and euro on Wednesday, refusing to be lifted by second-quarter UK growth data that was stronger than had been expected, though backward-looking. Britain’s economy grew by 0.6% during a second quarter that ended with a vote to leave the European Union, up from 0.4% in the first three months of 2016.

Here are the exchange rates taken at 13:50 on 29th July. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ rates please contact us.

GBP/USD 1.3204
GBP/EUR 1.1846
GBP/AED 4.8494
GBP/CNY 8.7760

The Pound fell against a host of its major counterparts after the International Monetary Fund slashed its forecast for UK growth next year after warning that the decision to leave the EU has damaged the British economy’s short-term prospects and “thrown a spanner in the works” of the global recovery.

The dollar rose on Wednesday, hitting its highest level in four months against a basket of currencies, as expectations rose that the Federal Reserve would tighten monetary policy. The dollar has benefited recently from strong readings on the US labour market and inflation, which has boosted bets the Fed, will raise US interest rates before the end of the year.

On Thursday the European Central Bank kept rates unchanged across the Eurozone at their first meeting since the Brexit vote. Economists were expecting no change to current rates, with the headline deposit rate remaining at -0.4% and a 0.25% rate on sums borrowed from the ECB by banks.

Here are the exchange rates taken at 13:21 on 22nd July. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ rates please contact us.

GBP/USD 1.3093
GBP/EUR 1.1890
GBP/AED 4.8091
GBP/CNY 8.7364

The pound and British stocks rallied on Monday as Theresa May’s rival announced she was pulling out of the contest. Mrs May has committed herself to negotiating the best possible deal for Britain as the country prepares to exit the European Union. On Thursday, the Bank of England will announce their decision on interest rates.

The pound gained as much as 2% on Tuesday, as political uncertainty seems to have subsided in the short term as Theresa May edges closer to moving into Downing Street. Further, Governor of the Bank of England Mark Carney was questioned over his assessment of the implications of Brexit prior to the UK’s vote on June the 23rd as well as his private discussions surrounding this with Chancellor George Osborne.

The Pound softened on Wednesday as the relief of Britain finding a new Prime Minister in Theresa May wore off. Traders’ attentions turned to today’s interest rate announcement from the Bank of England, which is expected to see the central bank modify rates for the first time since 2009.

The Pound to Euro exchange rate shed around 150 pips too on Wednesday as investors positioned themselves going into Thursday’s potentially momentous BoE interest rate decision.

The Bank of England has, today, surprised investors by keeping interest rates unchanged at 0.5%, causing the GBP to strengthen against major currencies.

The Bank of England did hint at launching a stimulus package in August, and is widely expected to cut next month.

Here are the exchange rates taken at 11:38 on 14th July. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ rates please contact us.

GBP/USD 1.3244
GBP/EUR 1.1929
GBP/AED 4.8640
GBP/CNY 8.8563

The fallout from Brexit continues to have a detrimental effect on demand for the single currency, with nearly all EUR exchange rates registering losses on Monday. One of the major concerns being that the UK’s decision to exit the EU has provided many European populist parties with a louder voice than before.

Britain’s central bank announced plans to boost credit by up to £150 billion in a bid to control risks to the economy following the Brexit vote. Bank of England Governor Mark Carney said there was the “prospect of a material slowing of the economy” and that the measures would help major UK banks relax lending rules.

On Wednesday in the US the trade deficit rose to $41.1bn (£31.7bn) in May compared with $37.4bn in April. An increase of 10% from April to May while exports decreased by 0.2%, while imports grew by 1.6%. The US consistently runs a trade imbalance, importing more goods than it sells overseas, but as the dollar has continued to strengthen this has become more pronounced, as imports are cheaper and exports less competitive.

Here are the exchange rates taken at 15:35 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.

GBP/USD 1.2940
GBP/EUR 1.1716
USD/EUR 0.9054

UK financial markets remain volatile in the wake of the Brexit vote, with sterling plunging to a 31-year low against the dollar after Standard & Poor and Fitch downgraded the UK’s credit rating yesterday. S&P downgraded the UK’s rating by two notches, from AAA to AA, with a negative outlook and Fitch also downgraded the UK, from AA+ to AA with a negative outlook.

Governor of the Bank of England, Mark Carney said the BoE could ease monetary stimulus over the summer following the shock result of a Brexit. The Monetary policy committee will make their initial assessment of the situation on July 14th after its next scheduled meeting and thus paving the way for the announcement of an interest rate cut at the August meeting, moving the interest rate lower than the current record low of 0.5%.

Sterling had slowly posted minor gains across the board following the Brexit as investor risk appetite looked to improve, however this was completely reversed following the announcement from Mark Carney.

Day 1 of the EU Economic Summit took place in Brussels on Tuesday. European Union lawmaker’s stated that the UK should exercise article 50 of the Lisbon Treaty as soon as possible. Furthermore, Nigel Farage took the opportunity to speak to its members, saying that he had achieved his ultimate goal and that the referendum’s result was a reaction to Europe’s intention to impose a political union by “stealth” and “deception” and that policy makers are in denial about their failures. In addition, Angela Merkel, in what seems her toughest comment yet, warned the U.K. to have no illusions about life outside the European Union.

Here are the exchange rates taken at 14:40 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.

GBP/USD 1.3332
GBP/EUR 1.1951
USD/EUR 0.8964

On Monday the Pound slipped after gaining over 1% against the dollar last week as investors, still worried that a looming June 23 referendum could see Britain’s vote to leave the European Union, moved away from riskier assets.

However, Sterling made gains on Wednesday against all major currency pairs amid signs that the campaign to keep Britain in the European Union is gaining strength.

Bank of England Governor Mark Carney defended his decision to flag the risks of leaving the EU, hitting back at one of his toughest critics of trying to undermine the Bank. Carney said the outcome of the June 23 referendum could require the BoE to reassess how it sets interest rates, something it needed to explain to businesses and households.

The ZEW Indicator of Economic Sentiment for Germany has declined slightly in May 2016. The index has decreased by 4.8 points compared to the previous month, now standing at 6.4 points.

Weak service sector growth persisted in the US as Markit Services PMI figures were released, which came out at 51.2, below the consensus of 53.1, which was predicted. The release also stated that business optimism eased to its lowest levels for over six and a half years.

Here are the exchange rates taken at 12:15 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.

GBP/USD 1.4691
GBP/EUR 1.3138
USD/EUR 0.8943

There was more discussion surrounding Brexit on Monday with the release of the results by a poll conducted last week. The “remain” camp held an eight-point lead over its “leave” rivals in Britain’s EU referendum campaign, according to the latest telephone poll from ICM for the Guardian newspaper.

On Tuesday morning the UK’s consumer pricing index showed inflation fell in April for the first time since September, largely because of cheaper air fares after the Easter holidays. The Office for National Statistics said the rate dropped to 0.3% and the main causes were falls in the prices of air fares, vehicles, clothing and social housing rent.

The Federal Reserve is likely to give US interest rates another hike next month, according to the minutes of its latest policy meeting published this evening. Unless the economy is blown off course, The US Fed is gearing up to raise interest rates for only the second time since the financial crisis when they next meet on 14 June.

On Thursday, the pound continued its positive move higher following better than expected retail sales figures, despite Brexit fears, consumer spending is still growing. The figure itself was printed at 1.3% against a previous of -0.5% causing GBP to rally against most other counterparts.

Here are the exchange rates taken at 12:53 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.

GBP/USD 1.4565
GBP/EUR 1.2983
USD/EUR 0.8914

Monday was a quiet day for the GBP in terms of economic data with only low-ticket releases making the start of the day stagnant for the GBP. However, around 12PM David Cameron and Boris Johnson undertook a sequence of speeches and Q and A’s with regards to the Brexit causing some volatility.

Germany’s trade surplus hit an all-time high in March as its exports surged, according data published by the federal statistics office. Exports grew 1.9% while imports fell 2.3%, pushing the surplus to €23.7bn from €20bn in February.

News on Wednesday in Europe focused on the continuing talks surrounding the Greek debt situation that is taking place in Brussels. Officials are hoping to break a stalemate regarding the €86 billion bailout package with a deadline of May 23rd looming.

Here are the exchange rates taken at 11:52 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.

GBP/USD 1.4413
GBP/EUR 1.2697
USD/EUR 0.8809

The British Pound traded higher before leveling out versus other major currencies after the UK’s Consumer Price Index figures released on Tuesday showed inflation hit a 15-month high in March. Headline CPI showed an annual rise of 0.5%, above the expected 0.4%.

On Wednesday US retail sales figures (month on month) unexpectedly fell in March as households cut back on purchases of automobiles and other items showing a stump in growth in the first quarter. Other data on Wednesday showed a surprise drop in producer prices last month as rising energy prices were offset by a decline in the cost of services.

Thursday brought news Yesterday the Bank of England decided to hold rates at 0.5% once again, a record low for seven years. All nine members of the BoE’s Monetary Policy Committee voted to hold rates amid concerns over global growth and uncertainty ahead of the Brexit vote.

Here are the exchange rates taken at 15:20 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.

GBP/USD 1.4192
GBP/EUR 1.2544
USD/EUR 0.8840

On Monday unemployment figures were released for February across the Eurozone. They came out at 10.3%, which shows a slight contraction in the unemployment rate in the Eurozone.

Britain’s economy appears to have slowed since the start of this year, as worries about the global economy; government spending cuts and a vote on staying in the European Union has had a significant impact. Britain’s economy grew 2.3% last year but government forecasters are expecting growth to slow to 2.0% in 2016. These factors have all caused the pound to remain weak across the board.

An unofficial poll released on Wednesday indicated a decline in support for the Pro EU parties, indicating quite close race. Thus causing investors to sell the pound as an exit from the Eurozone after the referendum is likely to cause significant economic uncertainty until trade terms with Europe are renegotiated.

Yesterday European Central Bank President Mario Draghi said he would keep all options on the table in its fight against deflation in the Eurozone, including sinking interest rates even further into negative territory over the next few months.

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Here are the exchange rates taken at 14:59 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.

GBP/USD 1.4085
GBP/EUR 1.2375
USD/EUR 0.8786