The pound hit its highest rate against the euro since 2008 this week, as well as breaking the hugely symbolic 1.25 point, as Spain’s nationalisation of Bankia as well as electoral chaos in Greece pulled the euro down.
The pound could be set to consolidate its recent gains against the euro, as the prospect of a Francois Hollande triumph in the first round of the French presidential election causes nervousness.
Could Spain need an EU bailout? Speculation regarding this possibility has intensified this past fortnight, sending the pound to 1.21 against the weakened euro.
The UK pound lost a cent against the euro this week, as data reveals last quarter’s contraction in the UK was a bit deeper than previously thought.
The pound to euro exchange rate has stood stuck still within its 1.175-1.20 range this past week, replicating a pattern it has adopted since the start of 2012. This is because economic prospects in neither the UK nor the eurozone look set to impress, keeping fluctuations to a minimum.
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