Sterling was subdued against the single currency on Friday, and remains so in early trading today as investors remain cautious about the UK’s economy. The pound did enjoy a positive start on Friday following the release of better than expected retail sales data, following the heavy discounts on the high street last month to lure consumers in. However, major concerns surround the rising unemployment in the UK and the state of the financial sector. It is expected that this week will bring more initiative to support the banking sector, including the bank insurance program for toxic assets.
With no significant economic releases due from the UK or the eurozone today, the GBP/EUR rate will take its direction from broader market movements.
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