The pound euro (GBP/EUR) exchange rate rose on Friday, settling 0.8% higher at €1.1931, but still closed the week lower,
The pound fell throughout the week as the market continued to digest the Budget. The fact that the pound fell despite the market reining in rate cut expectations suggests that the market questions the UK’s growth prospects.
The euro rose across the previous week, boosted by hotter-than-expected inflation and stronger-than-forecast Q3 growth.
Gains could be limited as the ECB is still expected to cut rates by 25 basis points.
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