Sterling reaches 2009 high
The pound has reached a 2009 high against a grouping of currencies, largely due to gains against the moderately weaker euro. The trade-weighted index for sterling tracks the value of the pound against a basket of other currencies. This has risen to 84.1, the highest since mid-November 2008.
Industrial production data proved to be the reason for the decline of the euro, and a key factor in sterling's edge up. The data showed a bigger than expected monthly decline creating a recent euro exchange rate of GBP1.178.
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