EUR/GBP near One-Month High at 0.8470

The euro was near a one-month high against the pound ahead of data today forecast to show industrial output gained in France and Italy, adding to signs that the currency bloc’s economy is recovering.

The 17-nation euro advanced for a third day versus the yen after European Central Bank President Mario Draghi affirmed that the euro is an irreversible single currency. The pound remained lower against the dollar ahead of a Bank of England meeting today. The greenback held gains against most major peers as investors weighed the risks of a potential U.S. default and the eventual reduction of monetary stimulus.

“The recent data out of Europe has been relatively upbeat,” said Thomas Averill, a managing director in Sydney at Rochford Capital, a currency and interest-rate risk-management company. “In the immediate term, I see a bit more upside in euro-sterling.”


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