Sterling falls

This week has seen a huge flow on the money markets away from AUD and NDZ, which has strengthened both the US Dollar and Euro significantly. The Pound is now trading below €1.15 and $1.45, with no help from economic data showing UK mortgage approvals lower then expected in April.

One piece of good news was that UK public borrowing was £10bn in April, less than the £11.2bn forecast, which has given the Pound a small boost this morning.

For the latest live trading rates for overseas transfers, contact Currency Index on 0800 043 2623.