Sterling finishes Friday slightly down against euro

Sterling weakened slightly against the euro on Friday, dropping 0.27 cents (0.23%) to close the week at 1.1729.

• In early trading on Friday, sterling fell against the single currency as traders booked profits from its recent rally. The prospect of G8 finance ministers meeting over the weekend meant investors were particularly keen to square off positions before then.
  
• The downward pressure on sterling was also aided following dovish comments from incoming Bank of England policy-maker Paul Fisher, who said the UK should be wary of complacency and that economic output was likely to fall in the second quarter.
  
• In trading so far today, the pound has strengthened against the euro as investor confidence about the UK economy’s recovery remains high.
  
• There are no major announcements due in the UK or eurozone today.