Sterling hits 7-month high
The sterling hit its highest level against the euro since December, reaching a seven-month high against a basket of currencies on Monday. The United Kingdom's currency trade-weighted index rose to 84.5, its highest since November 2008, as the euro exchange rate fell as low as GBP0.8401.
The sterling had help in reaching its new 2009 high, with the euro under pressure on the concerns of the European Central Bank's first one-year refinancing operation. However, the pound fell against the dollar because of continued global growth concerns, and nerves before a US Federal Reserve policy meeting.
The UK's currency exchange rate is currently at EUR 0.841 and USD 0.608.
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