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Sterling also improved from a seven-week low against the dollar although pessimistic economic forecasts for the UK could mean this is only a temporary rise, Reuters reports.
It showed the UK currency at $1.5566 last week (November 24th) as investors looked to sell. Despite its small bump today, analysts have suggested domestic events in the country over the upcoming week may have a negative effect on its value.
The pound was last up 0.7 per cent at $1.5559, while the euro rose 0.2 per cent to 85.85 pence.
Chris Walker, currency strategist at UBS, argued that there is no coherent driving force behind the currency switches today.
"It is all eurozone contingent and will hold until we next get the big negative headline out of the eurozone," he told the news provider.
Posted by Greg Secker
