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The pound continues to remain under pressure, as it briefly dipped again this morning, but recovered by lunchtime. Following the weekend, sterling has come out higher against most major currencies, strengthening by 1% versus EUR and USD.
The European single currency has maintained its recent strong tone having gained further ground against both the US dollar and British pound over the last week.
Considering the global stock market turmoil of late and the wild swings in the oil price over the last 5 days, you have to say that the European single currency has managed to avoid any major calamity
Since the euro’s rebound in mid-March it has been looking reasonably chipper. In April it was in the leading group of major currencies, strengthening by five eighths of a cent against sterling and the Australian dollar and taking four and a quarter cents off the back marker, the US dollar.
The euro has not been so resilient over the last seven days. It was the weakest performer among the major currencies, falling by two cents against sterling and losing one and half US cents.