The pound euro (GBP/EUR) exchange rate is closed for the Good Friday holiday.
The pound fell 0.5% over the week as investors assessed the economic fallout from the Iran war and the Bank of England pushed back against aggressive rate hike expectations.
A BoE survey showed firms expect faster price rises but weaker wage growth and softer hiring, reinforcing stagflation concerns
The euro outperformed sterling as markets focused on efforts to reopen the Strait of Hormuz. For Europe, any reopening would be crucial given the region’s heavy dependence on imported energy and elevated oil prices.