The pound euro (GBP/EUR) exchange rate is falling after gains yesterday.
The pound is falling after BoE Governor Andrew Bailey said that progress had been made with inflation and that rates would likely be reduced further. However, the central bank would move slowly.
Still, the BoE remains wary after leaving rates unchanged at 5% in the September meeting following a cut in August.
The euro is rising despite more signs of weaknesses in the German economy. German IFO business climate fell to 85.4 in September from 86.6 in August.
The data comes after weak PMI data yesterday and raises concerns of a recession.
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