The pound euro (GBP/EUR) exchange rate is falling, extending last week’s losses and dropping below 1.14.
The pound is falling despite stronger UK manufacturing data, as investors turned cautious ahead of Thursday’s BoE meeting.
The manufacturing PMI rose to 49.7 in October from 46.2, boosted partly by Jaguar Land Rover’s production restart.
The euro is rising after the eurozone manufacturing PMI reached 50, the level that separates expansion from contraction, though weak orders and falling employment point to a fragile recovery. The ECB kept rates unchanged at 2% last week. The market is not expecting more rate cuts this cycle.
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