GBP: Rate cut hopes shelved until the dust settles
The Bank of England's expected March rate cut has been effectively taken off the table by the Iran conflict.
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Daily Currency Note
Stay informed. Stay in control.
Currency rates fluctuate by the second and can change by up to 10% in the space of a year. On a typical overseas money transfer, that's the difference between completing on budget and needing pay thousands more. Our daily notes keep you informed on every move in GBP, EUR and USD, so you can make confident decisions about when to lock in your rate.
Today's move
Tuesday, 10 March 2026
GBP / EUR
▼ 0.12%
1.1707
A transfer of €300,000 would cost
£300 more
today than yesterday.
GBP / USD
▼ 0.16%
1.3353
A transfer of $350,000 would cost
£431 more
today than yesterday.
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Oil crashes but the questions remain
If you checked the oil price yesterday morning and felt a knot in your stomach, check it again now.
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Sterling the surprise winner from oil crisis
Sterling has hit a four-week high against the euro and is currently trading close to its best since last July. It is struggling against the US dollar and some other currencies, while the markets attempt to work out…
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USD: Safe-haven demand meets an inflation headache
The dollar benefits when investors get nervous, but higher energy prices have seriously complicated the Fed’s path to interest rate cuts. Right now, the dollar is trading like a barometer for fear and for rate expectations at the same…
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EUR: Europe’s energy bill is back in focus
The euro’s mood is being set by the same old vulnerability: energy imports. When oil and gas jump, Europe pays quickly and visibly. That’s why the single currency can struggle even when the dollar isn’t roaring. Eurozone inflation had…
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GBP: A firmer pound against euro
Sterling has started the week on a steadier footing against the euro, but the pound’s problem is that higher energy costs land awkwardly on top of a stretched cost-of-living backdrop and tight fiscal headroom. If oil stays elevated,…
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Oil panic rewrites the inflation story
Sterling hit a four-week high against the euro on Friday and despite a small dip so far this morning it remains strong, close to its best since last July. It is struggling against the US dollar, Canadian dollar…
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USD: Jobs day will be a break from war worries
It’s Non-Farm Payrolls day in the USA. Following a better-than-expected result last month, a severe reduction in the number of new jobs is expected this afternoon. NFP does tend to carry surprises though. Next week we’ll get the…
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