//
According to Reuters, sterling maintained its six-week high against the single currency partly due to European periphery debt concerns.
The news provider pointed out that the pound was in a good position following negative sentiment against the euro regarding worries about the eurozone's debt burden.
Michael Hewson, analyst at CMC Markets, said: "We're seeing a flight out of euros into sterling - which is seen as the lesser of two evils - plus the inflation report yesterday pushed QE into the long grass for the next few months."
The single currency moved below the 85 pence level after it decreased by 0.7 per cent at 84.94 pence.
Earlier this morning, the pound was up against the euro as the latter had experienced a fall of 0.3 per cent at 85.17 pence.
Posted by Greg Secker
