GBP/EUR: Pound Tumbles vs. Euro As Brexit Project Fear Steps Up A Gear

The pound euro exchange rate is heading lower once again, trading below €1.16.

The euro is rising ahead of PPI data which is expected to rise to 37.3% YoY up from 35.8%. Hot inflation could help lift expectations for a large rate hike by the ECB next week.

The ECB are expected to hike rates by 50 or 75 basis points.

The pound trades lower as recession fears continue to weigh on the currency pair.

UK manufacturing PMI data showed that the sector contracted at a deep pace fueling concerns over the outlook for the economy.

Next week sees the announcement of the new Prime Minister.