Pound Surges vs. Euro as Concerns About Europe’s Debt Grow

The Great Britain pond climbed against the euro today on the mounting concerns about the debt crisis in the European Union. The pound traded near the opening level versus the US dollar as the UK consumer sentiment unexpectedly declined.
The GfK NOP Consumer Confidence Barometer dropped from -19 to -21 in November, while it was expected to remain at the same level. The spread between the Italian securities, maturing in 10 years, and the German bunds surged to more than 2 percentage points for the first time since 1997.
GBP/USD traded near its opening level of 1.5574 as of 17:18 GMT today after it dropped to the intraday low of 1.5484. EUR/GBP fell from its opening level of 0.8429 to 0.8367.

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