Published by Jamie JemmesonThere has been a boom in demand for sterling among foreign exchange trading chiefs in the last 24 hours, pushing the British currency to an 11-month high against one of its major rivals, the euro.Investors are said to feel the UK money is a relatively safe haven, particularly in comparison to the eurozone's "festering debt crisis", explained Reuters.On the back of its strengthening position versus the euro, the pound also rose in value against the US dollar.German economic data reduced demand for the American currency, further pushing traders towards sterling."Sterling has got some non-euro safe haven status and is benefiting from lazy dollar longs being squeezed by a slightly more benign global risk outlook," Societe Generale's currency strategist Kit Juckes told the news source.The euro is now worth 83.55 pence – its worst position since the middle of January.As has been the case after other recent declines, traders intimated that their fears are based on a seemingly lacklustre plan to get the eurozone out of its chaotic debt situation."There seems to be sentiment in favour of [the pound] at the moment. The post-European Union summit feeling is that the UK is best out of it," a London-based trader said.As well as its improvement against the euro, sterling rose by 1.2 per cent in comparison to the greenback, reaching a session high of $1.5694.Corporate buying at the end of the year is said by experts to be behind the hike in strength of the British currency in comparison to two of its most significant counterparts.Reuters last week revealed that the euro had edged higher against the US dollar, with the continental finance described as being boosted by the sale of a number of Spanish bonds that gave it a timely boost in foreign exchange trading.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site