Sterling falls vs. euro on flat FTSE

Sterling fell by 0.99 cents (0.84%) against the euro yesterday to close the day at 1.1686.

• In early trading yesterday sterling dropped by over a cent against the euro, after a tumble on US stocks overnight prompted London equities to head lower initially.
  
• The pound fell despite better-than-expected figures released by the British Bankers’ Association, which showed the number of mortgages approved for house purchases in May rose 15.8% on a year earlier, ending months of annual declines. However, approvals remain well below historical averages.
  
• In trading so far today the pound has continued its slide against the euro, as investors eye the large amount of data out today.
  
• There are no major economic releases due in the eurozone today, whilst in the UK there are a series of announcements out. At 11.00 BST, CBI Realised Sales are out, followed by Inflation Report Hearings at 14.30 BST. Finally, Bank of England Governor Mervyn King is due to give a speech at 15.45 BST.