The pund euro (GBP/EUR) exchange rate is falling on Monday, extending last week’s losses.
The pound has dropped to an 8-month low against the EUR amid a deteriorating market mood.
The BoE is expected to cut rates twice this year but could cut more aggressively if Trump’s tariffs fuel a global economic slowdown.
The EUR is benefitting from the weaker USD, and as investors sell out of the US, despite 200% trade tariffs being applied.
The European Union is considering a retaliatory move.
Eurozone retail sales rose 2.3% YoY, more than expected and up from 1.8%.