The pound–euro (GBP/EUR) exchange rate is falling again after two days of gains.
The pound is falling as concerns over the UK economy intensified. A BoE survey showed the weakest hiring intentions since 2020 and expectations for the fastest inflation since 2024.
Tax data revealed employee numbers have been declining for seven consecutive months, while unemployment is at the highest level since 2021.
BoE officials warned of the challenge of curbing inflation, at 4% in September, without deepening the jobs slump.
Meanwhile, the euro firmed despite eurozone unemployment edging up to 6.3%, from 6.2%. This remains near record lows but could be an early sign of weakness in a previously resilient jobs market.
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