GBP/EUR is falling below 1.16, extending losses from last week.
The euro remains resilient despite an unexpected fall in German business sentiment. The IFO business sentiment index fell to 86.4 in December from 87.2 in November. Expectations had been for a rise to 87.8.
The data comes after PMI data last week was weaker than forecast, raising fears on a prolonged recession.
The pound is falling despite comments from BoE policymaker Broadbent who warned that more data on the labour market was needed before any decision to cut interest rates.
Last week the UK services PMI was stronger than expected.
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