Exchange rates: Data on the value of the pound relative to other major international currencies.Jump to full report >>
The Sterling Exchange Rate Index (SERI) measures sterling’s value against a ‘basket’ of currencies, ‘trade‑weighted’ (based on currencies’ relative importance in UK trade).
The SERI rose by 1.4% between December and January, following a fall of 2.0% between November and December. This is the SERI’s largest month on month rise since April 2018. Compared with the same period a year ago, it is 4.3% higher. It is 26.3% below its January 2007 peak level.
On average in January compared with December, the pound rose by 1.9% against the dollar, following a fall of 1.9% between November and December. The pound fell sharply against the dollar following the EU referendum, from $1.48 on 23 June 2016 to $1.14 in June 2017 – 31 year low. In 2018, the value of the pound against the dollar reached as high as $1.43 in mid-April (the highest level since the EU referendum), though has remained around $1.30 since mid-November.
Sterling was up 1.5% against the Euro on average in January compared to December. On 7 February 2019, the Euro was valued at €1.14 per £1. This compares with a daily all‑time low of €1.02 (on 30 December 2008), and a launch rate of €1.48 on 31 December 1998.
Commons Briefing papers SN02811
Author: Matthew Ward