The pound euro (GBP/EUR) exchange rate is falling after gains yesterday.
The pound is edging lower after the Labour Budget, which saw the Chancellor raise taxes by the most since 1993. She also paved the way for higher long-term investment to boost the UK economy.
The market’s initial reaction has been fairly unfazed, with the bond market rising briefly before falling modestly.
The euro is charging higher after eurozone GDP was stronger than expected at 0.4% QoQ in Q3, up from 0.2%. Germany also avoided a recession.
German inflation was hotter than expected at 2%, up from 1.6%.
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