The pound euro (GBP/EUR) exchange rate is falling to a fresh multi-year low at €1.1354.
The pound is falling further amid concerns over the UK’s fiscal outlook. The budget watchdog is expected to cut productivity forecasts, potentially creating a £20 billion shortfall for Chancellor Rachel Reeves ahead of her November 26 budget, which is expected to include tax hikes and spending cuts.
Markets now price a 35% chance of a Bank of England rate cut next week.
The euro is rising ahead of the ECB rate decision tomorrow. The central bank is expected to keep rates unchanged at 2% amid near-target inflation and slowly improving growth.
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