The pound to euro exchange rate is 0.259% lower with 1 GBP = 1.1499 EUR. The pound to dollar exchange rate is 0.245% lower with 1 GBP = 1.6284 USD. The pound to Australian dollar exchange rate is 0.535% higher with 1 GBP = 1.5529 AUD. The pound has come off recent highs against the euro but is still holding the upper ground. Meanwhile the UK currency is looking as though it is at risk of moving lower against the US dollar. Amongst the market chaos of this past week the British Pound has proven to be a resilient store of wealth. Yesterday's announced ECB policy of Portuguese and Irish bond-buying worsened fears of eurozone contagion and the pound to euro rate gained a cent. "The euro suffered badly yesterday in the aftermath of Trichet’s press conference. When the market was looking for indications of a further ECB rate hike, Trichet effectively announced an easing of monetary policy. The ECB will be providing European banks extra cash to ensure the debt crisis doesn’t worsen and more precisely, spread to Italy and Spain. The central bank also resumed Irish and Portuguese bond-buying after a four-month break," says UK money transfer specialist Adam Solomon at Tor Fx. Pound euro is up trading just off fresh two month highs of €1.15. The performance of this pair depends on the result of the US non-farm payrolls figure, which if strong is likely to weaken the dollar and benefit the euro. The opposite seems likely today however.

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