The pound euro (GBP/EUR) exchange rate is falling lower towards €1.14 and is set to fall 0.7% across the week.

The pound trades under pressure as the contest for the new Prime Minister begins. After Truss resigns, Boris Johnson and Rishi Sunak are early front runners.

UK retail sales fell -1.4% MoM, more than the -0.5% forecast, highlighting the struggles households are feeling.

The euro is rising after German PPI data stayed high at 45.8% YoY in September.

Today eurozone consumer confidence data is expected to show that morale tumbled to a new record low to -30, down from -28.8.