The pound euro exchange rate (GBP/EUR) is falling for a third straight day.
The pound is falling after the OECD downwardly revised the GDP outlook for 2024 to 0.4% from 0.7%. GDP growth is forecast to be 1% in 2025, the slowest growth in the G7.
Sticky service sector inflation and a lack of skilled labour were cited for the downward revision.
The euro is rising after the OECD upwardly revised the eurozone GDP forecast to 0.7% in 2024, up from 0.6% and expects growth of 1.5% in 2025, up from 1.3%.
Meanwhile, the eurozone manufacturing PMI contracted in April to 45.7, a slight upward revision from the preliminary reading of 45.6.