The pound euro exchange rate is 0.262% lower on the day with GBP EUR at 1.1361. The pound dollar exchange rate is 0.458% higher with GBP USD at 1.6008. The pound Australian dollar exchange rate is 0.697% lower with GBP AUD at 1.5085. "The British Pound has edged lower today as the the risk-on sentiment guiding global financial markets has supported currencies such as the euro and the Australian dollar. However, the pound dollar exchange rate has managed to recover losses sustained overnight," says a note from Money Transfer UK. The British Pound Sterling slumped overnight to the lowest level against the US dollar since July 13, following disappointing retail sales figures. After trading as high as 1.6204 early, cable plunged to crash through the 1.60 level, eventually bottoming out at 1.5919 before closing the session at 1.5938. The BRC retail sales monitor unexpectedly declined, as UK consumers continued to remain very subdued. Retail sales figures were down 0.6% from a 0.6% gain in the previous month, heaping further pressure on the Bank of England to consider expanding the asset purchase programme. In other news, UK Chancellor George Osborne said that the eurozone needs greater fiscal integration, but that the UK would not participate in this. He also ruled out another round of stimulus, and another senior Treasury official reiterated that the UK would stick to its plans for fiscal consolidation. Today, all the focus will be on manufacturing production figures; the market is expecting a gain of 0.1% following last month’s fall of 0.4%.

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