Sterling is up 0.3% against the euro


Pound up against the euroBritish holidaymakers planning to use their credit cards abroad could see lower exchange rates as the pound once again stabilises.

Sterling is up 0.3% against the euro after news of strong retail sales in the UK improved market sentiment.

The Office for National Statistics revealed that high street revenues increased by 0.4% in October, spurred on by a rise in consumer spending.

Although this growth is less than the forecast 0.6%, it could be indicative of slowly-returning confidence.

Duncan Higgins, senior analyst at Caxton FX, said: "The data is a positive sign that consumers are now feeling confident enough in their economy to go out and spend. It also supports signs that credit conditions in the UK are beginning to ease, in response to the £200bn stimulus package."

This latest rise comes a day after the pound fell dramatically against the dollar and the European single currency.ADNFCR-2308-ID-19469274-ADNFCR

Published: 19 November 2009