Sterling surges against euro hitting €1.1594/£1
Sterling surged against the euro by close to 2%, hitting a high of €1.1594/£1, after yields on Italian bonds rose as the country struggles to implement tough spending cuts.
STERLING hit the highest level against the euro for nearly 10 months yesterday, breaking through €1.19/£1 as a lack of confidence in a solution to the debt crisis and the risk of downgrades gathered pace.