Last week's local election results have plunged Starmer's leadership into question, but continuing impact on currency markets remains to be seen. Sterling is supported by a broader risk-on sentiment, while the euro is held in check by growth concerns despite a 'live' ECB June meeting. The dollar, meanwhile, drifts without conviction as the Fed sits firmly on hold. The ongoing political situation will be one to watch this week.
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Current FX rates: 11 May 2026
| Currency pair | Rate |
|---|---|
| gbp usd | 1.3600 |
| eur usd | 1.1768 |
| gbp eur | 1.1556 |
Rates correct as of 12:20pm on Monday 11 May but may now have changed.
Looking forward
Key dates for your calendar.
- Monday: China CPI. US home sales.
- Tuesday: Germany and US CPI. Australia budget and consumer/business confidence.
- Wednesday: Eurozone reports GDP. US reports PPI. France and Sweden report CPI. ECB Lagarde and Fed speeches.
- Thursday: UK GDP. US initial jobless claims and retail sales. Fed speeches.
- Friday: Russia and Hong Kong report GDP. Jerome Powell’s term as Fed chair ends. US industrial production.
What we’re talking to our clients about
IFX Payments is service led. Here are some of the conversations we’re having:
- IFX have moved to a new office!
- The local election results and Starmer position
- Ongoing Strait of Hormuz issues
The contents of this article do not constitute financial advice and are provided for general information purposes only. While the content is based on information believed to be accurate at the time of publication, no guarantee is provided.