The pound euro (GBP/EUR) exchange rate is pushing higher after two days of losses.
The pound had fallen sharply after the BoE warned that peak interest rates may not rise as much as the market thinks. Instead slowing growth could pull inflation lower, meaning fewer rate hikes.
Today the pound is rebounding although there is no high impacting UK data. Attention is turning to the Chancellor’s fiscal statement.
The euro is falling as German factory orders drop -4% MoM, below the -0.5% forecast.
Eurozone composite PMI data is expected to show the eurozone is heading to recession.