The pound euro (GBP/EUR) exchange rate is falling for a second day and dropping below €1.15.
The pound is falling after data showed the UK government borrowed more than expected. Borrowing reached £83.8 billion in the April to August period, £11.4 billion more than the OBR forecast. This highlights the difficult position the Chancellor is in ahead of the November Budget.
The data overshadowed figures that showed UK retail sales rose 0.5%, more than expected, in August.
The EUR is rising despite German PPI falling by more than expected, dropping -2.2% YoY. The EUR is supported by expectations that the ECB could be near or at the end of its rate-cutting cycle.
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