The pound euro (GBP/EUR) exchange rate is edging lower for a second day.

The pound falls as disappointing corporate results from bellwether Marks and Spencer and housebuilders highlight the problems in the UK economy.

BoE’s chief economist Huw Pill warns of further rate hikes and an impending recession.

The euro is rising after data this week has been supportive. Retail sales, German industrial output and investor confidence have all improved. But this is not likely to be the start of a new trend.

ECB speakers are in focus today amid a quiet economic calendar.