The pound – euro (GBP/EUR) exchange rate is rising after seven days of losses.
The EUR is falling despite hopes of a ceasefire deal between Ukraine and Russia. Ukraine agreed to the deal presented by the US. Russia still needs to agree to the deal.
The EU announced retaliatory tariffs against the US on €26 billion worth of goods imported from the US.
The pound is rising as the US also hit the UK with trade tariffs on steel and aluminium. The PM has not followed in the EU footsteps with retaliatory tariffs.