Currency news / February 10, 2026

GBP rises on Starmer cabinet support

3 min read Thanim Islam

Thanim IslamFebruary 10, 2026

Market snapshot:

GBP rises as senior cabinet members publicly back Starmer
USD and Treasury yields slip

Yesterday's currency recap

GBP has found some relief after a coordinated show of support for PM Keir Starmer from senior cabinet members, easing near-term leadership speculation. Chancellor Rachel Reeves, Home Secretary Shabana Mahmood, Foreign Secretary Yvette Cooper, Defence Secretary John Healey, Deputy Prime Minister David Lammy, Environment Secretary Steve Reed, and Chief Secretary to the Treasury Darren Jones all publicly backed Starmer, with Health Secretary Wes Streeting joining in. The display of cabinet unity has trimmed the political risk premium on UK assets, providing the GBP with support.

Yields and the USD took a leg lower after National Economic Council Director Kevin Hassett signalled that January jobs numbers may come in slightly weaker, though not to a level that should spark panic. Markets are bracing for a weak payrolls report on Wednesday, following signs of cracks in private-sector data: Revelio Labs posted a negative print for January, ADP missed expectations, and Challenger, Gray & Christmas reported a surge in layoffs.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.50%	1.93
GBPCAD	-0.27%	1.8564
GBPCHF	-0.62%	1.0494
GBPDKK	-0.22%	8.5851
GBPEUR	-0.22%	1.1492
GBPJPY	-0.32%	213.328
GBPNOK	-0.54%	13.1104
GBPNZD	-0.05%	2.261
GBPSEK	-0.05%	12.2147
GBPUSD	0.47%	1.3683

*Daily move - against G10 rates as of 17:00 GMT, 09.02.26
** Indicative rates - interbank rates as of 17:00 GMT, 09.02.26

Key data points

Currency	Event	Period	Consensus	Previous
USD	ADP Weekly Change	Jan 10		7,750
USD	Retail Sales MoM	Dec	0.40%	0.60%
USD	Retail Sales YoY	Dec	0.50%	0.40%

What we think

Markets are focused squarely on USD risk, ahead of Wednesday’s payrolls, with ADP weekly payrolls in focus today. Retail sales data for December is also due, with consensus expecting modest gains (MoM 0.4%, YoY 0.5%). Weak consumer spending could reinforce the narrative of slowing US growth.

In the UK, cabinet unity is easing political risk, giving GBP some near-term relief, but focus remains on political headlines as well as GDP numbers later this week.

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