The pound euro (GBP/EUR) exchange rate is falling, snapping a 6-day losing streak.
The euro is pushing higher despite German inflation cooling to 4.5% YoY in September, down from 6.1% in August. The data supports the view that the ECB has reached the end of its hiking cycle.
The pound is falling after the IMF cut the UK growth forecast, with the UK set to see the slowest growth of G7 countries in 2024.
The IMF also suggested that the BoE should raise interest rates to 5.5% and keep them there across 2024 to tame inflation.
There is no high impacting UK economic data due to be released today.
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