eur-bank-notes-magnifying-glass - EUR

The pound euro (GBP/EUR) exchange rate is trading flat above €1.15 after gains last week.

The euro struggled last week as inflation hit a record high of 10.6% YoY and ECB’s Lagarde warned of recession risks rising,

Today German PPI inflation is expected to ease to 41.5% in October, down from 45.8%

The pound rose despite the Chancellor warning that the UK is already in a recession. His Budget paved the way for large tax rises and spending cuts.

UK retail sales were stronger than expected in October, rising 0.6%.

Today there is no high impacting UK data. BoE’s Cunliffe is due to speak.