The pound euro (GBP/EUR) exchange rate is falling to a weekly low of around €1.1950.
The pound is falling after the BoE cut rates by 25 basis points, as expected, but the vote was more dovish than expected, with 2 policymakers voting for a larger 50 basis point rate cut. Tgis was despite the central bank lifting inflation forecasts to a 3.7% peak in Q3 this year.
The EUR is rising against the GBP but falling against USD after mixed data. German factory orders jumped 6.9% MoM.
However, eurozone retail sales fell -0.2% MoM, marking the third straight month of no growth.