The pound euro exchange rate (GBP/EUR) is falling again on Wednesday, extending losses for a third straight day.
The pound is weakening as the market weighs up the likelihood of rate cuts from the BoE next year. Chief Economist Huw Pill pointed to a rate cut in Q3/4 next year. BoE’s Governor Andrew Bailey is due to speak soon.
The euro is rising despite Eurozone retail sales falling 0.3%, after falling -1.2%. This was a greater fall than the -0.2% drop expected.
The data comes after German inflation cooled to 3.8% YoY, down from 4.5%. Inflation is cooling as the economy stalls. Weak data points to a recession at the end of the year.
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