pound-sterling-gbp-coin - GBP

The pound euro (GBP/EUR) exchange rate is edging higher for a second day, rising to €1.1450.

The pound is rising after UK borrowing figures which came in higher than expected for October at £14.9 billion, the second highest figures ever for October.

However, in the 7 months to October, the figures are below the OBR’s forecasts in March giving Chancellor Jeremy Hunt some wiggle room in his Autumn Budget tomorrow.

The euro is falling after German PPI fell 11% YoY in October after falling -14.7% in September.

ECB President Christine Lagarde is due to speak later. Any comments on the economic or interest rate outlook could influence EUR.