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Pound hits highest euro rate since 2007 Pound hits highest euro rate since 2007
(about 5 hours later)
(Noon): The pound rose to its highest rate against the euro since November 2007 on Thursday morning, climbing to €1.4350 at one point. (Close): The pound rose to its highest rate against the euro since November 2007 on Thursday, climbing to €1.4350 at one point.
The euro fell against both the pound and the dollar as markets assessed potential interest rate moves over the next few months.The euro fell against both the pound and the dollar as markets assessed potential interest rate moves over the next few months.
The European Central Bank is expected to maintain its loose monetary policy for some time to come.The European Central Bank is expected to maintain its loose monetary policy for some time to come.
However, markets are now waiting for rate rises in the UK and US.However, markets are now waiting for rate rises in the UK and US.
On Tuesday, Bank of England governor Mark Carney said that the point at which UK interest rates may begin to rise was "moving closer".On Tuesday, Bank of England governor Mark Carney said that the point at which UK interest rates may begin to rise was "moving closer".
And on Wednesday, US Federal Reserve chair Janet Yellen reiterated her view that US interest rates are likely to rise before the end of the year.And on Wednesday, US Federal Reserve chair Janet Yellen reiterated her view that US interest rates are likely to rise before the end of the year.
The euro fell 0.5% against the dollar on Thursday to $1.0891. The euro fell 0.5% against the dollar on Thursday to $1.0894.
On the stock market, the benchmark FTSE 100 index was 27.51 points higher at 6,781.26 with sentiment boosted after Greek lawmakers voted in favour of the latest bailout scheme. On the stock market, the benchmark FTSE 100 index closed 42.7 points higher, or 0.63%, at 6,796.45 with sentiment boosted after Greek lawmakers voted in favour of the latest bailout scheme.
Bigger gains were seen elsewhere in Europe, with Germany's Dax index up 1.5% and France's Cac 40 1.4% higher. Bigger gains were seen elsewhere in Europe, with Germany's Dax index up 1.53% and France's Cac 40 1.47% higher.
Dixons Carphone shares gave up early gains to stand 0.3% lower, despite the electrical goods and mobile phone retailer reporting a 21% rise in underlying full year profits. Dixons Carphone shares closed 1.45% higher after the electrical goods and mobile phone retailer reported a 21% rise in underlying full year profits.
The firm, created through a merger last year, posted profits of £381m after what it called a "terrific year".The firm, created through a merger last year, posted profits of £381m after what it called a "terrific year".
Shares in Sports Direct fell 0.8% after it reported a 21% rise in full-year underlying pre-tax profits to £300m. Shares in Sports Direct added 0.27% after it reported a 21% rise in full-year underlying pre-tax profits to £300m.
The company said it would cut its core earnings target for 2016 to £420m from £480m after planned acquisitions in 2015 failed to take place.The company said it would cut its core earnings target for 2016 to £420m from £480m after planned acquisitions in 2015 failed to take place.