Pound Picks up against Euro

The Euro has lost some strength since yesterday against the Pound and the US Dollar. Although news from Germany on consumer confidence has shown an upwards reading, market attention may be re-focusing back to European debt issues as speculation surrounding Ireland’s slowing economy continues.
Moody’s rating agency have downgraded Anglo Irish Bank’s lower debt grade down three notches to BAA3 from A3, now just one notch above junk status.
Sterling was trading at the mid market rate  1.1790 against the Euro at 10am this morning.

The Pound began to recover this morning as revised second quarter GDP figures were confirmed at the expected 1.2 percent. This news was neatly pre-empted by a positive report about the UK’s budget cutting plans by the International Monetary Fund (IMF).

Sterling was trading at the mid market rate of 1.5823 against the US Dollar  at 10am this morning.

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