The pound-euro (GBP/EUR) exchange rate is rising for a second consecutive day.
The EUR is falling despite eurozone inflation ticking higher to 2.2% YoY, up from 2%. The ECB is not expected to cut rates this month.
The pound is rising despite UK manufacturing shrinking at its fastest pace in five months. The manufacturing PMI fell to 46.2 in September, amid weak demand, US tariffs, high energy costs, and rising wages.
Businesses await Chancellor Rachel Reeves’ November budget after cost pressures from social security and wage hikes.
Nationwide data showed house prices climbed 0.5% monthly and 2.2% annually.