CFM7021 - Understanding foreign exchange: exchange rates

London closing rate

The Financial Times publishes (on a daily basis for the major currencies) the rates of exchange for different currencies against the pound. These represent the spot rate of exchange determined by trading in the London FOREX market, when the market closed the previous day. The mid- point quotation is given, as well as the actual bid and offer prices. This mid-point price for each currency is referred to as the London closing rate.