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Exchange rates: Key Economic Indicators

Published Friday, August 3, 2018

Exchange rates: Data on the value of the pound relative to other major international currencies.

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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 fell by 0.4% between June and July, following a fall of 0.4% between May and June. This is the SERI’s third successive month on month fall, following 8 successive month on month rises, dating back to August 2017. Compared with the same period a year ago, it is 1.5% higher. It is 26.0% below its January 2007 peak level.

On average in July compared with June, the pound fell by 0.9% against the dollar, the third successive month on month fall. The pound fell sharply against the dollar following the EU referendum, from $1.48 on 23 June 216 to $1.14 in June 2017 – a thirty-one year low. In recent months, the value of the pound against the dollar reaching as high as $1.43 in mid-April 2018 (the highest level since the EU referendum), though has remained below $1.35 since mid-May.

Sterling was down 1.0% against the Euro on average in July compared to June. On 2 August 2018, the Euro was valued at €1.2 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

Topics: Economic policy, Economic situation, World economy

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