Thursday 16 July 2015 4:52 am

Markets rise on Greece hopes - but euro falls to eight year low against sterling

If you're off to soak up some rays in one of Europe's sunnier climates this summer, get euros now: the currency dipped to just over 69p against the pound this morning, its lowest in eight years.

Meanwhile, the currency dipped below $1.09 against the dollar for the first time since March.

That's largely thanks to an interest rate meeting at the European Central Bank today, at which it is incredibly unlikely to raise interest rates, or even suggest it might raise interest rates in the near future. 

Meanwhile, markets were encouraged by the Greek parliament's support for reform measures proposed by the country's lenders, which it overwhelmingly voted for last night.

The FTSE 100 was up 0.51 per cent in early trading, while Germany's Dax rose one per cent and France's Cac 40 rose 1.02 per cent.

Lest we forget, today Federal Reserve chairman Janet Yellen is due to drop more hints about whether the Fed plans to raise rates anytime soon. 

Yesterday her testimony was "pretty dovish", said Societe Generale global strategist Kit Juckes, "except in the regard that she clearly maintained the Fed's stance that if the economy performs as expected in the months ahead, rates will rise this year".