The pound euro (GBP/EUR) exchange rate is falling, after gains last week.
The pound is falling despite hawkish comments from the BoE’s new deputy Governor, Clare Lomdardelli. She said she was more concerned about the upside risk to inflation than Friday’s weaker PMI data.
Lombardelli supports a slow, gradual approach to rate cuts.
The euro is rising despite weaker-than-expected German business morale. German IFO business climate and current assessment deteriorated, highlighting the struggles the German economy is facing.
Eurozone PMI data slipped into contraction in November, which could encourage the ECB to cut rates more aggressively.
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