UK pound is trading mostly lower today, but it is moving higher against the euro. Sterling is down against many of its major counterparts, but is gaining ground against the euro as concerns about Greece continue to weigh on the 19-nation currency.
UK pound is down against the US dollar today, thanks largely in part to policy divergence. The US economic recovery continues apace, while the UK economy continues to experience low inflation. The Bank of England continues to feed its quantitative easing program while rumors that the Federal Reserve will raise US rates circulate.
However, even though sterling is down against counterparts like the dollar and then yen, it is gaining against the euro. UK pound looks promising when compared with the embattled euro. UK Chancellor George Osborne has been trying to encourage Greece to find a solution with the eurozone, but little progress has been made. As a result, the pound is doing quite well against the euro, reaching a seven year high against the 19-nation currency.
At 13:45 GMT GBP/USD is heading lower, dropping to 1.5087 from the open at 1.5728. GBP/JPY is also lower, falling to 182.6230 from the open at 183.2850. EUR/GBP is lower, giving the pound the upper hand, dropping to 0.7130 from the open at 0.7173.
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