Date: Tuesday 15 Jun 2010
Industrial production rose by 0.8% month-on-month and a record 9.5% year-on-year in April. Risk appetite picked up, sending the euro up to $1.2249 from $1.2087 on Friday.
The euro even managed to retain most of its gains following news that ratings agency Moody's cut Greece's debt ‘junk’ bond status.The dollar index, which measures the US currency against a basket of six others, fell to 86.513 on Monday from 87.469 the previous session as safe haven demand dwindled.
The dollar also moved lower against the Japanese yen following Moody’s downgrade of Greece’s debt.
Sterling jumped to a one month high against the greenback on Monday as risk appetite picked up. Figures showing the UK’s public debt will fall quicker than previously thought increased demand for sterling.
The Office for Budget Responsibility also said the UK economy will only expand 2.6% in 2011, below the 3.25% predicted in Alistair Darling's last Budget.
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