The pound -euro (GBP/EUR) exchange rate is falling modestly at the start of the week after gains last week.
The pound is under pressure in caution ahead of the Budget on October 30th.
The UK economic calendar is quiet. Attention is turning to BoE Governor Bailey, who is due to speak tomorrow and could shed more light on the path of rate cuts.
The euro is falling despite German wholesale inflation cooling by more than expected.
PPI fell -1.4% YoY after dropping -0.8% in August, below forecasts of -0.8%.
Falling PPI points to a weaker demand environment, which could pave the way for further ECB rate cuts.
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