The pound dollar exchange rate is 0.580% higher on the day with 1 GBP = 1.5447 USD. The euro dollar exchange rate is 0.364% higher with 1 EUR = 1.3517 USD. The US dollar has lost a little ground this morning as markets stage a tentative step back into riskier assets; of which the US dollar certainly isn't. Simon Denham at Capital Spreads talks about the latest action on the currency markets: "We end the week a very sour note. Stock markets have plunged and investors are rushing for the exit. It seems that nothing is safe except for the good old US dollar. "The US dollar has been the one to benefit from all this turmoil and has risen some 8% against its basket of other currencies. "This is a big move for the greenback and is one that has got investors across the world sitting up and taking note. "This morning though the dollar is giving back a few of the gains in line with the bounce in equities so the likes of cable is up some 80 pips to 1.5425 and EUR/USD is 60 points to the good at 1.3530."

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