Euro finishes down against sterling

The pound strengthened against the euro by 0.46 cents (0.40%) yesterday to close the day at 1.1591.

• In early trading yesterday sterling strengthened against the euro, following further evidence the UK’s housing market was stabilising. House prices in England and Wales fell at their slowest annual rate since November 2007 according to RICS, echoing other recent surveys suggesting house prices may be bottoming out.
  
• News that Prime Minister Gordon Brown would not be ousted by Labour parliamentarians anytime soon also bolstered the pound after heavy losses at the end of last week.
  
• So far today the pound has resumed its rise against the single currency, testing the six-month highs it reached last week.
  
• There are no major announcements due in the eurozone today, whilst in the UK Manufacturing Production figures are out at 09.30 BST.