The pound euro (GBP/EUR) exchange rate is falling on Friday, and is set to fall across the week.
The pound is falling after the UK’s GDP contracted unexpectedly in January. ONS data showed that the UK GDP fell -0.1% Month over Month in January after rising 0.4% in December.
The data will be a blow for the Chancellor ahead of the Spring Statement on March 26.
The EUR rose this week despite the US – EU trade war ramping up.
Joachim Nagel, the head of the German central bank, warned that the latest developments could cause a recession in the eurozone’s largest economy.
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