gbp-euro-coins - GBP/EUR

The pound euro (GBP/EUR) exchange rate is falling for a second straight day, dropping below €1.1350.

The pound is edging lower after the government announced that it will slash business energy support by two-thirds from April.

The UK labour market is also showing signs of weakness, as the vacancy index fell to its lowest level since February 2021.

The euro was supported by upbeat data yesterday after German industrial production rose to 0.2%, up from -0.1% in October.

Eurozone investor confidence rose to -17.5, its highest level in 7 months suggesting that a recession could be milder than feared.

ECB’s Isabel Snchabel is due to speak later.