Sterling soared to its highest value against the Euro in more than a month after the European Central Bank vowed to maintain a quantitative easing programme until 2024.
The pound stood at 1.1594 against the Euro at 4.30pm – having rallied more than 0.5 per cent since trading opened this morning as investors continue to shy away from the bloc’s currency.
It was a more mixed picture on the stock market, with the FTSE 100 climbing 0.27 per cent up to 7,074.44 at 4.30pm, while the FTSE 250 sank 0.18 per cent to 18,082.73.
Meanwhile, the yield on gilts – government bonds – has fallen back following the resignation of Liz Truss meaning borrowing costs for the Government have dropped.
In the two days after Prime Minister Rishi Sunak took power with a promise to fix the mistakes of his predecessor and stabilise the economy, sterling rose around 3 per cent against the dollar to climb to an almost six-week high overnight.
‘While the market is relieved that Sunak and Hunt have taken the…
