Sterling loses further ground to the euro

The pound lost a further 0.32 cents against the single currency yesterday as European equity markets remained sluggish.

• Economic announcements were light on the ground in the UK, however traders remained concerned over hopes of an economic recovery as they continued to sell off the pound.
  
• The FTSE 100 had a tough day as it slipped below the 4,200 mark as oil, mining, and the banking sectors all came under selling pressure.
  News out of the eurozone was little better, as the Sentix Investor Confidence survey was released much worse than anticipated.
  
• In early trading today, the pound is continuing to trade within yesterday’s ranges as investors remain cautious.
  
• The market will take note from industrial and manufacturing production surveys released in the UK this morning, whilst within Germany, factory orders data is released.