The pound euro (GBP/EUR) exchange rate is falling after two days of gains.
The euro is rising after German retail sales rose in August by 1.6% MoM after rising 1.5% in July. The data suggests that private consumption remains strong.
The minutes of the ECB meeting showed that the central bank was still cautious about rate cuts but was also increasingly concerned about the region’s growth outlook.
The pound is falling amid a quiet economic calendar which is leaving the focus shift to concerns surrounding the UK Budget, which will be unveiled at the end of the month.