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Pound Near Four-Month High Versus Euro on Debt-Crisis Concern

Bloomberg - Jan 11, 2011

The pound was near its strongest level in almost four months against the euro as investors bet the U.K. economy is in better shape than the nations that use the common currency.

Sterling has appreciated versus the euro for five of the past six days amid mounting concern that Portugal will be forced to seek a bailout and that demand will suffer when the southern European country auctions 2014 and 2020 bonds tomorrow. The pound was little changed against the dollar as economists anticipated Bank of England policy makers will maintain their emergency stimulus this week and keep interest rates on hold.

“The inability to draw a line under the sovereign-debt issues undermines the euro and keeps a positive against sterling,” said Elsa Lignos, a currency strategist in London at Royal Bank of Canada’s RBC Capital Markets. “In the U.K., while it does seem that there’s a long path ahead, at least we are moving in the right direction. At every step of the way you have fresh euro concerns.”

Read Full Article from Bloomberg

- Posted: 2011-01-11 10:29:11

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