The Great Britain pound ticked down against the euro after the leaders of Germany and France have met today in order to find a way out of the dangerous situation with the European debt. The UK currency was higher versus the US dollar and the Japanese yen.
German Chancellor Angela Merkel and French President Nicolas Sarkozy were meeting today in Berlin to discuss steps to improve the financial situation in the European Union and to foster better fiscal consolidation among the countries of the Union. Merkel explained that among the discussed topics was plan to make the bailout fund “more efficient”. The euro was gaining among other majors after the meeting ended.
The sterling touched the highest price in 16 months against the euro earlier today. Britain’s currency didn’t profit from the optimism about the European economy as the United Kingdom walked away from the last year’s discussion of the EU consolidation because the UK desired to preserve its independence. The future of Britain’s economy is unclear as forecasts are mixed. The trade deficit is expected to widen, while manufacturing is predicted to improve.
EUR/GBP was up from 0.8227 to 0.8256 as of 21:25 GMT today, while it reached the lowest level since September 2010 of 0.8219 earlier. GBP/USD rose from 1.5421 to 1.5454 and GBP/JPY went higher from 118.58 to 118.73.
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