The pound euro (GBP/EUR) exchange rate is unchanged at €1.1975, giving back earlier gains.
The CBI survey showed that UK retailers were the gloomiest they’ve been since November 2022, when inflation was at its peak. The deteriorating mood comes following the Labour Budget last month, where employers NI contributions and a rise in the minimum wage were announced, leading to higher costs. Retailers are likely to be hit hard.
The euro is unchanged amid a quiet day for economic data. Trade tariff threats on Canada, Mexico, and China unnerved the market.
Attention will turn to eurozone inflation data on Friday for more clues on the ECB’s outlook for rates.
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