The pound euro (GBP/EUR) exchange rate is falling on Friday back towards €1.14 after rising to a high of €1.1560 yesterday.
The pound is falling after data showed that the UK economy shrank -0.2% QoQ in Q3, after rising 0.2% in Q2. This was ahead of forecasts of -0.5%. The UK economy is expected to tip into recession in Q1 2023, marking two straight quarters of contraction.
The euro is rising after German inflation hit a record high 11.6% YoY in October. Pressure piles on the ECB to hike rates by 75 basis points in December.
The EC forecasts that the eurozone will contract in Q4 2022 and Q1 2023 before growing again in Q2 2023.
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