Sterling in currency trading
The U.K. pound is struggling today against the euro in forex trading. A lot of the problem has to do with the fact that the BOE left rates steady, while the ECB raised them. The euro had a bit of a struggle earlier today, thanks to a downgrade for Portugal, but that was overcome as the ECB suspended collateral rules for Portugal.
Now, the sterling is lower in currency trading on the FX market as traders wonder what's next for the British economy, and as a larger number of people wonder if the BOE knows what it's doing.
Helping the euro, though, is also a general interest in euro assets. The U.S. is trying to avert a debt default, and that is causing difficulty for the dollar, and giving the euro more support in the crosses, as well as against the greenback.
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