The pound-euro (GBP/EUR) exchange rate is rising for a second day and is set to rise by 0.43% across the week after recent losses.
The pound is rising despite weak UK data, as broader market sentiment has improved.
UK Retail sales fell 1.1% MoM in October, well below 0% forecast. GfK consumer confidence also slipped. Business activity cooled, with the composite PMI easing to 50.5, signaling near-stagnation ahead of next week’s budget.
The euro is falling after mixed eurozone PMIs: The services PMI ticked up to 53.1, but manufacturing slipped back into contraction at 49.7. The composite PMI edged down to 52.4, though output has now grown for 11 straight months, aligning with Q4 GDP growth of around 0.3%.
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