Pound down vs. euro despite lack of data

The pound lost ground to the single currency yesterday for the second consecutive day, losing a further 0.23 cents in value.

• Trading remained in a tight range throughout the day as the pound gradually lost some value.
  
• There was a lack of first tier economic data released in both the UK and the eurozone yesterday – however the International Monetary Fund did warn the UK government that they need to bring in clear policies to control the public finances.
  
• The FTSE 100 continued its recent upwards curve finishing the day 0.35% higher. The blue chip index is now up 5.7% on the week and is set for its best weekly performance in 4 months.
  
• Global equity markets have enjoyed a good week following US corporate earnings being released – JP Morgan was the latest heavyweight to release better-than-expected earnings in the second quarter.
  
• There is little data out of the UK today, whilst trade balance figures are released in the eurozone today.