The pound euro (GBP/EUR) exchange rate is falling, extending losses from last week.
The pound is falling after REC & KPMG data showed that wage growth for newly hired permanent roles slowed to its lowest level since February 2021.
As BoE Governor Andrew Bailey mentioned last week, slowing wage growth could support a more aggressive approach to cutting rates.
The euro is rising after eurozone retail sales remained resilient, rising 0.2% MoM in August, as inflation cooled and interest rates fell.
However, German factory orders tumbled -5.8% MoM in August, dropping at its sharpest pace in 7 months. The data raises concerns over a recession in Germany.
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