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According to Reuters, the single currency has hit a one-month high against the pound as it increased by 0.15 per cent on the day to 85.93 pence.
This was partly down to a lower than expected reading of UK house prices as the Halifax revealed a fall of 0.9 per cent month-on-month, higher than the predicted decrease of 0.5 per cent.
A London-based spot trader pointed out the euro managed to hold on to its overnight gains, adding: "We are looking for the pair to break resistance around the 85.95 pence area to test the 86 pence level."
There was further negative news for the pound against the dollar as its US counterpart rose by 0.2 per cent to $1.6241 today.
This comes after sterling decreased by 0.4 per cent yesterday afternoon against the dollar.
Posted by Greg Secker
