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According to Reuters, the single currency moved up to a five-week high of 86.19 pence, its highest level since late January, after it had a topsy-turvy morning.
The euro managed to increase against sterling to around 86.08 pence early in the day before the pound hit back to a figure of 85.83 pence by 09:00 GMT.
And the pound has not been helped by the dollar's four-month low against the single currency today.
The latter received a boost after further speculation emerged that the European Central Bank may increase the interest rate as early as April.
This comes after the euro rose against the pound on Friday morning by 0.15 per cent after the Halifax announced there was a lower than expected reading of UK house prices.
Property values fell by a month-on-month rate of 0.9 per cent.
Posted by Greg Secker
