The pound euro (GBP/EUR) exchange rate is falling for a second day.
The pound fell sharply against the euro as data signalled a weakening UK labour market. Job cuts accelerated, with payrolls down 43,000 in December, nearly double expectations, while wage growth slowed to 4.5%, its lowest in three and a half years. Unemployment held at 5.1%.
A weaker labour market may ease Bank of England inflation concerns ahead of UK CPI data.
The euro strengthened amid a weaker dollar and “sell America” sentiment. Investors are preferring the EU over the USD even as Trump threatens additional tariffs, including a 200% tariff on French wine.
German ZEW sentiment surged, signalling strong investor optimism.
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