The pound to euro rate is 0.082% higher with GBP to EUR = 1.1074.
The pound to dollar rate is unchanged at 9 AM in London, 1 GBP = 1.6067 USD.
After an early-session sterling sell-off, GBP to EUR failed to recover the €1.11 mark, and is likely to remain under pressure today.
"As expected, the Greek parliament voted ‘yes’ on austerity implementation privatisation measures. German FinMin also gave some encouraging indications that he had reached an agreement with German banks on extending Greek loan maturities and that he expected a eurozone wide deal on Sunday," says currency analyst Richard Driver at Caxton Fx.
Sterling sagged to a fifteen-month low as we saw some major GBP/EUR orders attributable to month-end, quarter-end and half year-end squaring off.
Today’s UK manufacturing growth figure is forecast to show a slight uptick but even this level is alarmingly low and sterling looks as vulnerable to further losses as ever.
The euro dollar exchange rate gained yet more ground as the euro heads for its first weekly gain over the dollar in a month.
"The combination of a July ECB rate rise and a steady stream of good news from Greece is pushing this pair higher. After this week’s positive Greek votes; EU, Greek and IMF officials will now turn their focus to the next tranche of aid that Greece is entitled to under last year’s bailout. This will prevent a Greek default for a few weeks and should help confidence hold up in the short-term," says currency analyst Richard Driver at Caxton FX.
EUR USD is now trading comfortably above $1.45 at a three week high.
