Sterling hits its highest level against euro since early December 2008

The pound today hit its highest level against the euro since 3rd December 2008, boosted by improved investor sentiment about the state of the UK economy. Stronger-than-forecast UK Services PMI figures, together with a report released by Nationwide which showed UK consumers were more optimistic in May than they had been for six months, boosted the pound. Today’s gains cap an impressive rally for sterling against the single currency, which has risen over 4.5 cents since 11th May 2009.