While the euro is losing traction amid growing fears about sovereign debt, Pound uses it to their advantage. Indeed, it was a decent week for sterling against the backdrop of QE and good economic news. A pair of EUR / GBP 0.8936 reached two weeks ago, but now has dropped to 0.8630. The cable is somewhat reduced relative to the dollar, but is still higher than 1.61. If concerns about the periphery of Europe once again become active, then it is very likely that the recent substantial increase in the pound will continue.
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