Investing.com – The euro was up against the pound on Thursday, soaring to a 4-day high as talks aimed at recapitalizing Ireland's stricken banking sector with money from an international bailout fund were set to begin.
EUR/GBP hit 0.8552 during European morning trade, the pair’s highest since November 12; the pair subsequently consolidated at 0.8543, gaining 0.44%.
The pair was likely to find support at 0.8473, Wednesday’s low and resistance at 0.8637, the high of November 10.
Later in the day, a team of officials from European Central Bank and the International Monetary Fund were arriving in Ireland for talks to assess the country's financial needs.
Olli Rehn, the European Union economy commissioner, reiterated that Ireland had not requested assistance but said it would be possible for money from the European Financial Stability Facility to flow to the Irish government with "a very strong emphasis on the restructuring of the banking sector."
The euro was also up against the U.S. dollar, with EUR/USD surging 0.80 to hit 1.3639
Earlier Thursday, official data showed that U.K. retail sales increased more-than-expected in October, rising for the first time in three months while public sector net borrowing fell less-than-expected in October.
EUR/GBP hit 0.8552 during European morning trade, the pair’s highest since November 12; the pair subsequently consolidated at 0.8543, gaining 0.44%.
The pair was likely to find support at 0.8473, Wednesday’s low and resistance at 0.8637, the high of November 10.
Later in the day, a team of officials from European Central Bank and the International Monetary Fund were arriving in Ireland for talks to assess the country's financial needs.
Olli Rehn, the European Union economy commissioner, reiterated that Ireland had not requested assistance but said it would be possible for money from the European Financial Stability Facility to flow to the Irish government with "a very strong emphasis on the restructuring of the banking sector."
The euro was also up against the U.S. dollar, with EUR/USD surging 0.80 to hit 1.3639
Earlier Thursday, official data showed that U.K. retail sales increased more-than-expected in October, rising for the first time in three months while public sector net borrowing fell less-than-expected in October.