Figures released this morning show the official UK unemployment rate rose to 7.8% in the second quarter, the highest level since 1995. There are currently 2.44 million people without jobs in the UK economy and average earnings have also increased at the slowest pace on record.

The Bank of England's quarterly inflation report also shows the UK economy has a long way to go before it begins to recover. Minutes from the last MPC meeting are released today and this will provide an insight into future economic policy. Yesterday's figures showing a widening trade deficit failed to affect sterling sentiment too significantly.

The current sterling foreign exchange rate is USD1.64 and EUR1.16.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.