The pound euro (GBP/EUR) exchange rate has fallen below €1.1450, and is set to drop over 0.8% across the week.
The pound is falling after UK GDP fell to 0% QoQ in Q3, down from 0.2% growth in Q2. This was slightly above the -0.1% contraction forecast. The data could convince the BoE that they are done hiking interest rates.
The market expects the BoE to cut in August next year.
The euro is rising after comments from the ECB officials across the week. The policymakers spoke of the need to keep interest rates elevated to tame inflation back to 2%.
There is no high impacting UK economic data today.