Euro Sees 7-Week Peak Against Sterling
Euro Sees 7-Week Peak Against Sterling The Euro rose against the pound to its strongest level since November 25. Repricing the Bank of England’s (BoE) interest rate cut prospects by the market has put pressure on the pound.
Carrying its rise into the fourth day, the euro/sterling parity rose 0.2 percent, to 0.8592. January December 31 – January 8 formation, the pair may climb towards a double-dip target of 0.8692.
According to a trader based in Europe, the euro’s rise against the pound is influenced by leveraged accounts holding positions above 1.1130 in Euro/dollar parity.
Sterling/dollar parity fell 0.2 percent to 1.2965, taking its losses for the first time since May to the sixth day.