The pound euro (GBP/EUR) exchange rate is heading lower for a second day, dropping below €1.1450.
The pound is falling after UK retail sales fall -0.9% MoM in September, after rising 0.4% in August. Expectations had been for a -0.1% fall.
The data comes after GFK consumer confidence plunged to -30, indicating that consumers were feeling the impact of 14 straight interest rate hikes.
The euro is rising despite German PPI falling by more than forecast. German PPI dropped -14.7% YoY worse than the -14.1% fall forecast.
The weak data points to a weak demand environment, raising concerns over the health of the German economy.
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