The pound-euro (GBP/EUR) exchange rate is rising for a sixth day, reaching €1.19.
The pound is rising despite mixed trade data. UK unemployment rose to 4.5% its highest level since 2021.
Meanwhile, wage growth remained sticky at 5.6%, down from 5.9% but still high by historical levels. Wages at these levels are not in line with inflation cooling towards the BoE’s 2% target.
The EUR is falling despite a recovery in German economic sentiment. The ZEW economic sentiment index rose to 25.2, up from -14 in April.
However, the current climate index remained weak, suggesting the near-term sentiment remained fragile.
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