The pound-euro (GBP/EUR) is rising after yesterday’s losses.
The pound is rising on improved market sentiment despite a sharp drop in UK consumer confidence ahead of next week’s budget.
BRC data showed the steepest decline in optimism since April. Sterling’s gains may be capped as expectations for a December BoE rate cut surged after CPI cooled to 3.6%.
The euro is weaker after construction output contracted 0.5% MoM in September after a -0.2% decline in August.
Eurozone consumer confidence remained unchanged at -14.2, in line with the October level but below the -14 expected. This is the highest level in 8 months.