Sterling and Euro Outperform Vs US Dollar

November 27, 2013

The main currency of the day was the sterling which outperformed against the dollar and euro, as well as against the yen after being boosted by strong UK second quarter growth data.

While the second reading was in line with expectations, gives encouraging signs of a steady recovery in the UK economy. Q2 GDP rose at a 0.8% rate quarter-on-quarter, which was the quickest pace in over three years.

The pound surged to an eleven-month high of $1.6326 in the European session. The pound pushed euro lower, sending EURGBP down to 83.30 pence from 83.85 pence.

The euro outperformed against the dollar and the yen today after being boosted by German consumer sentiment numbers which reached a six-year high heading into December.

Also supporting the euro was news that German Chancellor Angela Merkel’s conservative Christian Democrats party and the centre-left Social Democrats finally reached a deal to form a coalition government, two months after the federal elections.

The euro hit a fresh four-year high of 138.52 against the yen and a one-month high of $1.3612 against the dollar in the European session.

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