The Pound Euro (GBP/EUR) exchange rate is extending losses for a third consecutive day.
The Pound trades under pressure after Prime Minister Boris Johnson unveiled plans to hike tax rates in order to address the health and social care funding crisis. The plan would increase the UK tax burden to 35% of GDP.
There is no high impacting UK data today.
The Euro pushed higher in the previous session boosted by an upward revision to GDP. The Eurozone economy grew by 2.2% in Q2, up from 2% in the earlier reading.
However, German ZEW sentiment data fell by more than expected to 26.5 from 40, capping gains in the common currency.
French trade data and Italian retail sales are due today.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
