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Tuesday November 29, 2011 - www.knowledgetoactionnews.com - Established 2004
Sterling up as euro gains against dollar
The pound increased by 0.25 per cent against the greenback to reach $1.5541, although it failed to hit a high of $1.5595 seen yesterday, Reuters reports.
Sterling rose this morning (November 29th) as the euro made gains against the dollar.These changes were supported by the euro as it improved against the dollar ahead of a meeting of eurozone finance ministers.
Investors were optimistic they could make progress in the quest to tackle the debt crisis currently plaguing the continent, the news provider noted.
Sterling's gains came ahead of chancellor George Osborne's Autumn Statement.
Lee McDarby, head of dealing for corporate and institutional treasury at Investec, said there is "no fundamental reason to buy the pound" other than "technical models suggesting it is undervalued" that could prompt people to diversify their portfolios.
Sterling bounced back from a seven-week low against the dollar yesterday after Bank of England policymakers suggested a further round of quantitative easing could be required to boost growth.
Posted by Clive Arneil
- Knowledge to Action News29-11-2011
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