The pound euro exchange rate is 0.215% higher with 1 GBP = 1.1428 EUR. The pound dollar exchange rate is 0.580% higher on the day with 1 GBP = 1.5447 USD. The pound to Australian dollar exchange rate is 0.333% lower with 1 GBP = 1.5754 AUD. "It was a case of more of the same yesterday; more dollar strength and more risk averse trading. There were no major headlines directing movements, just increasingly negative sentiment as demonstrated by sharp losses in the equity markets," says a note from exchange rate analyst Richard Driver at Caxton Fx. There is nothing important by way of data releases due today, but rumours are likely to surface from today’s key political meetings. A major good news story would seem to be necessary to buck the current safe-haven dollar flows, which may well come from the G20 meeting today. Yesterday saw range-bound trading between the two out-of-favour currencies - the pound and euro. Eurozone, French and German PMI data disappointed expectations across the board but the market has accepted the global economy is slowing down and the eurozone is no exception. The debt crisis remains the number one concern. There were some encouraging indications that European officials looks ready to speed up plans to recapitalise the 16 banks that came close to failing the European stress tests we saw in the summer.

Source