Here's your Daily Currency Update – 28 August 2026

• Since Monday’s report the pound has eased against both the euro and the dollar after starting the week near local highs.
• The main driver was Wednesday’s US data dump: core PCE stayed at 3.3%, headline PCE ran a touch hot at 3.7%, and durable-goods orders jumped 1.1%.
• Thursday added two more pieces — US jobless claims fell to 203,000 and ECB minutes kept a further rate rise on the table.
• Market mood: cautious and range-bound, with desks waiting for Fed Chair Kevin Warsh at Jackson Hole (15:00 UK).
• This morning Europe split: Spanish flash CPI 4.3%, French CPI 2.4%, French GDP stalled at 0.0% versus 0.2% expected.
• Still to come today: Canadian GDP, Chicago PMI, Michigan sentiment and BoE’s Catherine Mann.
• Next week London is shut on Monday (bank holiday); Nationwide house prices and German CPI follow, then US payrolls on 4 September.
• Current mid-market ranges: GBP/EUR €1.1535–€1.1644 | GBP/USD $1.3455–$1.3588.
• New in this report: Property Buyer Spotlight – see the real 1-week, 1-month and 3-month high/low ranges and what they mean for a £250,000 transfer.

The week since Monday has been a story of early firmness giving way to a midweek reset. Sterling began the period close to last week’s six-month high against the dollar, then slipped as US inflation held sticky and traders pared bets on a Bank of England rise this year. Wednesday’s core PCE matched the 3.3% forecast; headline PCE at 3.7% and a 1.1% durable-goods print kept the dollar bid. Thursday’s ECB accounts said another hike would likely be needed unless the inflation outlook improves, while claims at 203,000 took a little heat out of the labour scare. This morning’s euro-area prints refused to rhyme: Spain at 4.3%, France at 2.4% with zero quarterly growth, Germany’s jobless rate unchanged at 6.4%. In Westminster, Prime Minister Andy Burnham’s spending plans and the October Budget remain the slow-burn political backdrop as parliament prepares to return. The rest of Friday turns on Warsh’s first Jackson Hole address as Fed chair, with Chicago PMI and the BLS payrolls benchmark revision due in the same window.

• Week high 1.1708 on Tuesday; week low 1.1654 on Thursday.
• French CPI 2.4% year-on-year (prior 2.1%) with the monthly rate in line at 0.7%.
• ECB July accounts: a further hike likely unless the inflation outlook improves significantly.
• Catherine Mann speaks at 15:30 UK — the only scheduled BoE voice today.

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 that movement is real, even when the market feels quiet. Most buyers naturally focus on the rate itself. 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 achieved with poor support or unexpected delays can easily 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 that the money arrives exactly when it is needed, without stress?”

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

• Wednesday drop of about 0.4% was the week’s single largest session.
• US GDP second estimate held at 1.5%; personal income rose 0.4% and spending 0.2%.
• Fiscal watch: parliament returns next week; funding of Burnham’s programme is the gilt-market theme into the October Budget.
• Afternoon risk is clustered: Warsh, Chicago PMI and the preliminary payrolls benchmark revision.

• Week high 1.1688 on Monday; week low 1.1637 on Thursday.
• Core PCE 3.3% in line kept the Fed debate live without settling it.
• Swiss KOF at 106.7 versus 103.0 was a brighter regional activity footnote.