The pound-euro (GBP/EUR) exchange rate remained unchanged at €1.20 on Friday but gained throughout the week.
The pound was flat on Friday despite UK retail sales unexpectedly rising by 0.3% MoM in September, defying expectations of a fall of -0.1%.
Consumers kept spending as wage growth outpaced inflation and despite confidence falling ahead of the Chancellor’s Budget on October 30th.
The euro was unchanged on Friday after a steep decline on Thursday after the ECB cut rates by 25 basis points to 3.25%. The market expects the ECB to continue cutting rates heading into 2025.
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