The pound-euro exchange (GBP/EUR) rate is rising for a second day, pushing above €1.14.
The pound is rising after the Chancellor’s Budget, which saw Rachel Reeves almost double her fiscal headroom to £22 billion, ahead of forecasts of £15 billion, calming the gilt market and pulling yields lower.
The OBR cut the GDP outlook for next year to 1.4% from 1.9% and raised the inflation forecast.
The euro is falling against the pound but rising against the dollar amid optimism over a Russia-Ukraine peace deal. President Trump indicated that a deal could be close.