The pound euro (GBP/EUR) exchange rate is holding steady above €1.18.
The pound is flat as the UK heads to the polls to vote in national elections. The opposition Labour Party is expected to win by a large majority.
The prospect of stability could give the pound a near-term boost. However, the UK’s fiscal position is not expected to change dramatically. This is what the BoE will be watching to see if the outlook for inflation or growth changes.
The Autumn Statement will reveal more.
The Euro has shrugged off weaker than expected German factory orders
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