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According to Reuters, the single currency extended its one per cent rise from the previous day as concerns grew regarding the timing of a Bank of England (BoE) rate hike compared to a rate rise in the eurozone.
And the news provider noted a possible BoE cash rate increase may be put back further following the announcement of a larger-than-expected drop in UK retail sales earlier this week.
Meanwhile, European Central Bank (ECB) governor Jean-Claude Trichet and ECB policymakers have hinted they may opt to increase rates as soon as next month.
There was further negative news for the pound today as it traded down 0.3 per cent against the dollar, which comes after it was down yesterday because of the UK retail sales slump of 0.8 per cent in February.
Posted by Greg Secker
