Euro rises to 3-week high versus sterling before ECB

LONDON: The euro rose to its highest in three weeks against sterling on Thursday as investors positioned for the possibility that the European Central Bank will take strong action to stem the debt crisis by cutting short positions in the single currency.

The euro rose to 78.95 pence, its strongest since July 13.

It was last up 0.3 percent at 78.88 pence, paring gains a little after better-than-expected UK construction PMI data.