Pound Advances Versus Euro on Employment Data

In another bullish day versus the euro, the pound found support to extend its winning streak after U.K.’s unemployment declined, a strong signal of recovery for the British economy.

The pound traded today at a one-month high versus the euro after the unemployment rate in Great Britain posted its first, and unexpected, fall since February 2008, providing support for the British currency to gain in foreign-exchange markets as investors bet on the U.K.’s economic recovery for 2010.

EUR/GBP traded at 0.8898 as of 21:32 GMT from a previous rate of 0.8935 yesterday.

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