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According to Reuters, sterling has decreased to seven-week lows against the European currency as traders wait to see the results of government bond auctions in Greece and Ireland.
Christian Lawrence, currency analyst at RBC Capital Markets, said these sales will be key and the news provider noted that positive results would see worries about sovereign debt in the respective countries reduce.
However, poor results would act in the opposite direction.
Early this morning the euro was up by 0.3 per cent to 84.31 pence and technical analysts at Commerzbank pointed out in a note: "We look for a sustained move above 84.00 shortly. Above here will target the July 85.32 high."
This news comes after sterling fell yesterday at a seven-week low against the euro, due to weak data, the publication stated.
Posted by Greg Secker
