The pound euro (GBP/EUR) exchange rate is resuming its rally.
The euro has fallen as French PM Michel Barnier lost a vote of no-confidence over his proposed deficit-cutting budget.
The collapse of the government brings more political uncertainty amid economic instability. President Macron will now need to select a new PM.
Separately the Eurozone composite PMI fell to a 10 month low, showing a contraction.
The pound rose after the OECD upwardly revised the UK’s GDP for 2025. However, the also warned that inflation could remain stickier than previously thought owing to the Labour Budget.
UK services PMI eased to 50.8 in November from 52 in October. This was an upward revision from the 50.00 in the preliminary reading.
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