The Pound Euro (GBP/EUR) exchange rate is creeping a few pips higher after a flat finish on Thursday and an expected flat finish to the week.
The Pound came under pressure after weaker than forecast UK GDP data. The UK economy grew at 1.3%, less than the 1.5% forecast and down from 5.5% in Q2.
The UK is the slowest recovering nation in the G7 in the race back to pre-pandemic size.
The Euro was facing its own headwinds amid a stronger US Dollar after US inflation data and as EU – Belarus relations deteriorate. The EU is considering sanctions on Belarus for a migrant crisis. However, Belarus threated to cut gas supply.
Eurozone industrial production data is due to slow a slower contraction in September of -0.5%,
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