LONDON: The euro rose to a 9-1/2 month high against sterling on Thursday as worries about the poor UK economic outlook contrasted with better sentiment towards the single currency.
The euro rose 0.3 per cent on the day to 83.33 pence, its highest level since early April.
It hit stiff technical resistance at 83.33 pence, equivalent to 1.20 euros per pound and a key level for British companies looking to hedge their foreign exchange exposure.
The euro also rose to a session high against the dollar of $1.3349 and was up 0.4 per cent on the day. It recovered from a low of $1.32565 hit on Wednesday and more gains would see it target its 11-month high of $1.3404.
