By Alex Ellis

Sterling is strengthening significantly following a number of positive data releases for the currency, sterling has currently hit the highest levels for 7 weeks against the Euro following a 10 month high against the Dollar the week before. This follows the news from the Bank of England that they may not need to extend the Quantitative Easing programme despite the sluggish economic growth. QE was the cause of the weakness initially and therefore we have now seen some hefty swings in sterling’s direction.

Meanwhile in Euro zone news, European GDP figures released on Friday showed that the area’s largest economies France and Germany, were in fact showing much slower economic growth than first thought. The news that the larger economies are slowing will concern many investors and couple this with the fact that the PIIGS (Portugal, Ireland, Italy, Greece and Spain) are still very much in a recession and the future for the Euro is looking very bleak.

For up to date market news and potential impacting factors on your currency exchange use Currency Line to contact an aware winning currency broker who can help to guide you through the process.