Sterling hits five week high versus euro
LONDON, May 2 (Reuters) - Sterling hit a five-week high against the euro on Friday, reversing losses seen after weak housing data earlier, with traders citing heavy selling of euro/sterling thought to be M&A-related.
By 0747 GMT, sterling was down 0.4 percent on the day at 77.95 pence, having hit a five week low at 77.91 EURGBP=. The pound was also up 0.4 pence at $1.9846 GBP=.
"A French bank is selling euro/sterling, they have been periodically coming into the market this week possibly related to an M&A deal," a UK-based trader said.
(Reporting by Veronica Brown)
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