The pound euro exchange rate is 0.060% higher with 1 GBP = 1.1317 EUR at 10 AM in London. The pound dollar exchange rate is 0.451% lower on the day with 1 GBP = 1.6335 USD. The pound Australian dollar exchange rate is 0.526% lower with 1 GBP = 1.5344 AUD. Today the British Pound has found the going tough as investors move their cash into equities; a scenario that has proven to be Pound-negative considering the pound has been enjoying a period of strength based on a newfound reputation as being a safe asset. "Last Friday’s session saw the release of some important UK and US GDP numbers. The revised Q2 UK growth figure remained at a disappointing 0.2%, though this was in line with market expectations. We also had the preliminary Q2 GDP figure from the US, which undershot expectations," says Richard Driver, an exchange rate analyst at UK money transfer company Caxton Fx. Today’s session brings some US consumer confidence data but more importantly, we have the US Federal Reserve meeting minutes released at 19:00 this evening. Bernanke failed to usher in QE3 last Friday but judging by the dollar’s trading levels, the market still believes it is on the cards. Sterling is trading at its lowest level in over a month against the euro, which is benefiting from improved risk appetite. "Pound to euro is really coming under some pressure at present. Sterling is not enjoying the same safe-haven flows that we have seen over much of the previous three weeks or so. Global stocks are on the up and riskier currencies such as the euro are tracking this recovery in investor confidence," says Driver at UK money transfer company Caxton Fx.

Source