The pound euro (GBP/EUR) exchange rate it’s on the rise at the start of the week, pushing above €1.14.
The pound is rising after the government performed a U-turn on the min budget and said that it will scrap the upper rate tax cut, despite saying yesterday that it wouldn’t.
Attention will now turn to UK manufacturing PMI data which is expected to confirm 48.5 in September, up from 47.3 in August.
The euro trades lower as concerns over the energy crisis grow and amid rising fears over a recession in the region.
The eurozone PMI was downwardly revised to 48.4 down from 49.6 in August.
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