The pound euro exchange rate (GBP/EUR) is falling for a second day.
The pound is slipping as the post-Budget relief rally fades. However, losses are limited after data showed UK grocery inflation held steady at 4.7% in late November. Food prices remain a key focus for the Bank of England as it impacts inflation expectations.
UK inflation eased to 3.6% YoY in October. Separate data showed consumers reined in spending ahead of the Budget.
Meanwhile, the euro is firmer after German exports unexpectedly rose 0.1% in October, defying expectations of a fall of -0.2%. The rise was driven by increased exports to the EU, which rose 2.7%. Meanwhile, exports outside of the EU fell by 3.3%.
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