Pound Advanced against Euro on Lower Forecasts for German GDP

Source: Bloomberg
© Scanpix/AP
The Pound reached two-week high versus the Euro on the Bundesbank decreased 2013 projections for German GDP growth from 1.6%, forecast earlier in June, to 0.4%. Sterling advanced 0.1% against the Euro and traded at 80.68 pence per Euro, the highest in two weeks. Weekly gain was 0.5%, the highest since the week ended on October 26. The Pound fell 0.1% versus the U.S. Dollar to $1.6030 as U.K. industrial report showed that manufacturing growth dropped in October.
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