Sterling hits three-year high against the euro

STERLING hit a fresh three-and-a-half-year high against the euro yesterday, as it continued to benefit from its perceived "safe-haven" status amid the continuing debt crisis in the single currency zone, writes Ian McConnell.

The euro fell below 78p during yesterday's session, touching an intra-day low of 77.9p. It closed at 77.99p, down nearly half-a-penny on its Wednesday finish.Sterling has managed to climb against the euro in spite of the UK's economic woes. But good news for holidaymakers travelling from to eurozone countries may crimp Scottish exporters' competitiveness in key market-places.

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