The pound-euro (GBP/EUR) exchange rate was unchanged on Friday but is set to rise over the week.
The pound has been supported by improved risk sentiment, evidenced by rising global equities, as investors shrug off increased geopolitical tensions following US intervention in Venezuela.
The focus now turns to next week’s UK unemployment and GDP data, with joblessness already at a post-pandemic high of 5.1%. Further labour market weakness could fuel expectations of more aggressive BoE rate cuts in 2026, capping sterling gains.
The euro remains subdued after mixed retail sales. Sales slowed to 0.2% MoM in November from 0.3% in October as weak consumer confidence and fragile spending persisted across the eurozone.
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