GBP/USD: Pound Steady vs. Dollar Ahead of UK Budget

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.