The Euro has been pushed upwards by chart driven Forex investors following the upward trend and also by Forex investors re-evaluating their interest rate expectations for the region and buying more Euro’s to invest in European assets.
In other news the Bank of England’s (BoE) inflation report contributed to pressure on the GBP as the Forex market reduced its interest rate expectations. The BoE expects inflation to drop below the desired 2% annual CPI over the next 12 months. The GBP fell briefly as the inflation report was released, but quickly recovered to stabilize about 1.95.
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February 14th, 2007 by 
Jon
The USD drifted higher against major rivals as dealers monitored the outlook for interest rates, while the GBP also weakened on news that a Bank of England policymaker had suddenly died.
On Thursday, June 8, Russia became the latest in the list of countries that shifted a part of its Central Bank reserves from the USD. Sergei Ignatyev, chairman of the Central Bank, said that only 50 percent of its reserves are now held in dollars, with 40 percent in Euro and the rest in GBP. Earlier it was believed that just 25-30 percent of Russia’s reserves were held in Euros, with virtually all the rest held in dollars.
