The pound euro (GBP/EUR) exchange rate is rising for a second day, taking the pair over €1.16.
The pound is rising after Liz Truss won the Conservative leadership battle to become the next UK prime minister.
She is expected to jump into action to avert a deeper energy crisis, with reports of a draft £130 billion energy support package.
The euro trades lower after German factory orders fell for a sixth straight month. Order dropped by 1.1%, more than the -0.2% decline forecast.
The data comes after data yesterday showed that German business activity fell deeper into contraction in August.
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