The pound-euro (GBP/EUR) exchange rate is falling as choppy trading continues this week.
The pound remains under pressure despite UK GDP growing 0.3% in November, beating forecasts. The rebound masks underlying weakness, with half of the growth driven by industrial production and a 26% jump in car manufacturing as Jaguar Land Rover production returned and is unlikely to be sustained. A rising tax burden and softer labour market threaten consumer spending.
The euro is rising as eurozone industrial output and German GDP improve.
German GDP rose 0.2% QoQ as growth returned to the eurozone’s largest economy, supported by rising investment and government spending.
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