The pound euro exchange rate is flat at 1.1844.
The pound to US dollar exchange rate is 0.4 pct lower at 1.5386.
The pound to Australian dollar exchange rate is 0.57 pct higher at 1.5400.
Please Note: The above quotes are taken from the wholesale markets - your bank will affix their own discretionary spread to the numbers. However - an independent currency provider will guarantee to beat your bank's offer, thus delivering you more currency. Please find out more here.
10:52: Position for a pull-back in GBP-USD warn RBS
The pound sterling is tipped to retreat against the US dollar.
RBS analyst Paul Robson says:
"As a Top Theme and Trade for 2013 we recommended establishing a short GBP/USD position. We hit our initial 1.5050 within three months. We eventually closed the position on 11th April after spot retraced to hit our revised take-profit stop of 1.5390. The relatively poor structural position of the UK, particularly against the US has remained unchanged and hence the strategy remains compelling. We now believe that short-term risk/reward has once again shifted in favour of re-entering the position for another run down below 1.50."
9:20: Strong bounce against the Australian dollar
The pound to euro exchange rate is flat on last night's closing rate at 1.1840.
The pound to US dollar exchange rate is 0.11 pct lower at 1.5432.
The pound to Australian dollar exchange rate is 0.31 pct higher at 1.5359. Yesterday saw a strong rebound in the Australian dollar; today's correction is expected.
9:12: We see a stronger pound with a strengthening economy
Britain's recovery is gathering momentum on the back of a 'stunning' resurgence in manufacturing, economists said, as advertising spending – another economic bellwether – bounced back to levels not seen since the recession struck.
This is without doubt supportive of GBP for the remainder of 2013 in our opinion.
Peter Dixon of Commerzbank called yesterday's IP figures “stunning”, saying they showed the UK “is getting back on its feet” following growth of 0.3% in the first quarter.
Nida Ali, economic adviser to the Ernst & Young ITEM Club, says: "There is a good chance that second-quarter growth could even be stronger than the first quarter."