Sterling dips against euro

<p>Sterling has lost ground against the euro today.</p>

Sterling has dropped against the euro today (November 11th), falling back from the ten-month high the currency recently reached.

With the Bank of England's latest jobs data and inflation figures due to be released this week, the currency fell compared to the euro.

According to a report by Reuters, the pound could get a lift on Wednesday when the Bank of England's next growth and employment figures are released.

Nawaz Ali, market analyst at Western Union Business Solutions, explained he believes sterling will be stronger going into the middle of the week.

"There will be a lot of resistance around 83.20 pence (per euro) and it will be difficult to get above there," he said.

The analyst added that the pound is also likely to remain in a $1.59-$1.61 range against the dollar in the coming days.

Mitul Kotecha, global head of foreign exchange strategy at Credit Agricole, suggested that it is likely the Bank will have to revise its assumptions upwards this week.

Budget airline Ryanair recently stated that the weaker euro-sterling exchange rate is the reason why fares have been dropping in Europe.

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