The pound euro (GBP/EUR) exchange rate is falling on Tuesday after gains yesterday.
The pound is under pressure after UK jobs data showed that unemployment remained unchanged at 4.7% but job vacancies and payroll numbers fell.
UK wage growth eased slightly to 4.7% which is still too high to be consistent with the BoE’s 2% target level. The BoE is not expected to cut rates this week.
The EUR is rising after German ZEW economic sentiment data showed morale improving, rising to 37.3 in September, up from 34.3. The current situation has declined in line with expectations, with some risks remaining.
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