The pound -euro (GBP/EUR) exchange rate is falling on Friday and is on track to fall 1.8% this week.
The pound is down despite the UK economy growing by more than expected in February. GDP rose 0.5% MoM in February, up from -0.1% in January. This was ahead of 0.1% forecast.
Despite the upbeat reading, the UK is bracing for slower growth ahead as Trump’s tariffs come into force.
The EUR has been rising on safe haven demand as investors sell out of the USD.
Demand for the EUR rises despite the weak growth outlook and further rate cuts expected.
The ECB meeting is next week.
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