{"id":118623,"date":"2024-11-26T14:48:34","date_gmt":"2024-11-26T14:48:34","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=118623"},"modified":"2024-11-26T22:12:27","modified_gmt":"2024-11-26T22:12:27","slug":"109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers\/","title":{"rendered":"GBP\/EUR: Pound rises despite a gloomy outlook from retailers"},"content":{"rendered":"<ul>\n<li><strong>Pound (GBP) is rising after losses yesterday<\/strong><\/li>\n<li><strong>CBI reported a deteriorating outlook since the Budget<\/strong><\/li>\n<li><strong>Euro (EUR) is drifting lower amid a quiet calendar<\/strong><\/li>\n<li><strong>Trump trade tariff worries remain<\/strong><\/li>\n<\/ul>\n<p>The Pound Euro (<a href=\"https:\/\/currencylive.com\/exchange-rate\/1000-gbp-to-eur-exchange-rate-today\/\">GBP\/EUR<\/a>) exchange rate is rising after losses yesterday. The pair fell 0.39% in the previous session, settling on Monday at \u20ac1.1974 and trading in a range between \u20ac1.1954 and \u20ac1.2088. At 12:00 UTC, GBP\/EUR trades +0.07% at \u20ac1.1982.<\/p>\n<p>The pound is pushing higher, supported by hawkish comments from Bank of England policymakers, although gains were limited by a gloomy outlook according to the Confederation of British Industry (CBI).<\/p>\n<p>According to the CBI, British retailers&#8217; optimism deteriorated to a two-year low following Labour&#8217;s first budget as they braced for higher employment costs and weaker demand.<\/p>\n<p>Labour Chancellor Rachel Reeves announced a \u00a325 billion increase in employment taxes in her budget, which was unveiled on October 30th, and a 7% rise in the minimum wage. This is likely to particularly hurt retailers with low margins and a high number of staff.<\/p>\n<p>The CBI&#8217;s quarterly survey of retailers showed that the assessment of the business climate dropped to -21 in November down from -13 in August. This was the same as in November 2022 at the peak of the inflation shock.<\/p>\n<p>Meanwhile, consumer&#8217;s mood has been subdued, although not as bad as it was in November 2022.<\/p>\n<p>The data comes as Bank of England policy makers remain concerned over sticky inflation and support a more gradual pace of rate cuts.<\/p>\n<p>The euro is drifting lower amid a quiet economic calendar and as the market remains cautious over the prospect of trade tariffs in the region imposed by Trump.<\/p>\n<p>The moon is cautious after Trump threatened 25% trade tariffs on Mexico and Canada additional 10% hike on Chinese imported goods in retaliation for immigration and drug trafficking.<\/p>\n<p>While the economic calendar is quiet today, attention turns to inflation data later in the week, which could provide more clues about the ECB&#8217;s future path for rate cuts. The ECB is widely expected to cut rates by 25 basis points in December.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) is rising after losses yesterday CBI reported a deteriorating outlook since the Budget Euro (EUR) is drifting lower amid a quiet calendar Trump trade tariff worries remain The Pound Euro (GBP\/EUR) exchange rate is rising after losses yesterday. The pair fell 0.39% in the previous session, settling on Monday at \u20ac1.1974 and trading [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":5583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,2649,1394,2410],"class_list":["post-118623","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-eur","tag-eur-gbp","tag-gbp","tag-gbp-eur"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound rises despite a gloomy outlook from retailers - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: Pound rises despite a gloomy outlook from retailers\",\"datePublished\":\"2024-11-26T14:48:34+00:00\",\"dateModified\":\"2024-11-26T22:12:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers\\\/\"},\"wordCount\":348,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100631-gbp-usd-uk-politics-centre-stage.jpg\",\"keywords\":[\"eur\",\"eur\\\/gbp\",\"gbp\",\"gbp\\\/eur\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109362-gbp-eur-pound-rises-despite-a-gloomy-outlook-from-retailers\\\/\",\"name\":\"GBP\\\/EUR: Pound rises despite a gloomy outlook from retailers - 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