The pound euro (GBP/EUR) exchange rate is falling towards €1.13 and is set to drop for a fourth straight week.
The EUR is rising after eurozone GDP data showed resilient Q3 growth of 0.2% QoQ in line with the preliminary report. A stronger trade surplus and solid growth in Spain and France offset Germany’s stagnation.
The pound is falling, and UK bond yields have jumped after reports that Chancellor Rachel Reeves will not raise income tax rates in this month’s budget following improved fiscal forecasts.
Markets had expected tax hikes to help meet fiscal targets. The 10-year gilt yield has risen to 4.56%.
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