Here's your Daily Currency Update – 11 November 2026

• Sterling eased against the dollar after yesterday’s hotter-than-expected US inflation print, while holding steadier versus the euro.
• US CPI rose 0.4% in October (above the 0.3% forecast) and core rose 0.3%, strengthening bets on a December Fed hike.
• Markets are quiet today, with the US bond market closed for Veterans Day and the UK marking Remembrance Day.
• Tomorrow’s UK GDP figures (07:00) are the main event of the week, with Q3 growth expected at 0.7%.
• The pound has been supported by last week’s Bank of England rate rise to 4%, but the dollar remains the stronger driver for now.
• Focus through the rest of the week is on UK growth numbers and Friday’s US producer prices.
• Volatility has been moderate rather than chaotic, with the largest moves concentrated around the US data release.
• For anyone with an invoice due or a property purchase in mind, the quieter sessions still show real ranges over longer periods.
• Even a quieter session still moves the numbers over time: see the table showing the euro difference on a £250,000 transfer – up to €8,775 between the three-month low and the recent high.
• With UK GDP tomorrow and US producer prices on Friday, know where the banks see sterling heading: download our free Q4 Quarterly Forecast for rate forecasts, the key-event calendar and what this week’s data could mean for your transfer.

The past 24 hours have been dominated by the after-effects of Tuesday’s US CPI release. Headline inflation came in at 0.4% month-on-month and core at 0.3%, both a tenth above forecasts. The print pushed the dollar higher and left a December Federal Reserve rate increase fully priced, with some discussion of a larger move. Sterling gave back earlier gains and settled lower against the dollar, while the euro also softened. Today has been quieter. The US bond market is closed for Veterans Day, while in the UK the date falls on Remembrance Day, a moment of national pause that has thinned activity.

ECB President Lagarde is due to speak later this morning, and German final CPI was in line. Looking ahead, the week centres on Thursday’s UK GDP release and Friday’s US PPI. The Bank of England’s recent hike to 4% continues to provide a modest cushion for sterling, while a £12 billion offshore wind investment welcomed by the Prime Minister has added a small positive domestic note. For those with an invoice approaching or a property transfer in view, the difference often comes down less to the rate alone and more to arranging the process with enough time to absorb the next data release.

Sterling has traded in a relatively contained range against the euro over the past day and a half. After the US inflation surprise pulled the dollar higher, GBP/EUR held up better than GBP/USD, reflecting the fact that both the pound and the euro faced similar external pressure. The pair has stayed near recent levels, with the recent Bank of England rate rise still providing support relative to the euro area.

• Hotter US CPI strengthened the dollar more than either European currency.
• Bank of England Bank Rate at 4% after last week’s increase continues to offer a relative yield cushion.
• German final CPI was in line, offering little fresh impulse for the euro.
• Attention now turns to Thursday’s UK GDP numbers for the next domestic catalyst.

This table illustrates the best and worst rate over a given time frame — highlighting the volatile nature of the FX markets and why timing is crucial.

The numbers show movement is real even when the market feels quiet. Most buyers focus on the rate, yet the rate is only one part of the equation. What often makes the larger difference is the quality of guidance around when to transfer, how the process is managed, the clarity of communication, and the reliability of the people handling the money. A slightly better rate with poor support or delays can cost more than a well-timed transfer executed smoothly.

For early-stage buyers the real question is rarely just “what is the rate today?” It is “who will help me navigate the timing, the paperwork and the practicalities so the money arrives exactly when needed, without stress?”

Want to see a different amount or timeline? try our useful calculator...

The pound lost ground against the dollar over the past 24 hours as markets digested the stronger US inflation data. GBP/USD moved from the upper 1.33s toward the lower 1.33s, with the bulk of the adjustment occurring around and immediately after the CPI release. Today’s quieter session has seen the pair stabilise, though it remains sensitive to any fresh Fed commentary.

• US CPI at +0.4% (forecast +0.3%) and core at +0.3% (forecast +0.2%) lifted the dollar.
• A December Fed hike is now fully priced, with some pricing of a larger step.
• Last week’s Bank of England rise to 4% has limited the downside for sterling relative to a pure dollar move.
• Thursday’s UK GDP print is the next scheduled event that could shift the pair.

The euro softened against the dollar in line with the broader reaction to US inflation. EUR/USD edged lower after the CPI release and has remained under mild pressure in today’s quieter trading. Divergence between the euro and the pound has been limited; both have given ground to the dollar, though sterling has held a modest relative advantage after the recent Bank of England move.

• Hotter US CPI reinforced dollar strength across the board.
• German final CPI in line provided no offsetting support for the euro.
• ECB President Lagarde’s speech today is the main scheduled European event.
• Thursday’s UK data and Friday’s US PPI will set the next clear catalysts.

Events from the past 24 hours are reflected in the pair analyses above.