Trading was volatile as the market weighed up encouraging European economic data and Spain’s new measures to reduce its deficit against ongoing concern about a eurozone debt crisis. GDP across the 16-nation eurozone grew by 0.2% in the first three months of 2010, figures from Eurostat showed. Germany’s economy grew for the fourth consecutive quarter against expectations of zero growth. The economy grew by 0.2% during the quarter, beating analysts’ expectations of stagnation during the quarter.
The dollar gained 0.3% against the euro to $1.2618 and was up 0.9% against the pound at $1.4823.
Meanwhile Spain became the latest eurozone country to unveil drastic new measures to slash its deficit. Spain’s Prime Minister Jose Luis Rodriguez Zapatero outlined cuts in civil service wages, pensions, social welfare spending and investment.
Sterling initially firmed as David Cameron prepares for his first full cabinet meeting on Thursday but later eased on concern about the shape of the coalition team and how it will handle the UK deficit.
The dollar gained 0.3% against the euro to $1.2618 and was up 0.9% against the pound at $1.4823.
Meanwhile Spain became the latest eurozone country to unveil drastic new measures to slash its deficit. Spain’s Prime Minister Jose Luis Rodriguez Zapatero outlined cuts in civil service wages, pensions, social welfare spending and investment.
Sterling initially firmed as David Cameron prepares for his first full cabinet meeting on Thursday but later eased on concern about the shape of the coalition team and how it will handle the UK deficit.
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