EURGBP Exchange Rate

Despite a moderate improvement, the euro area private sector remained in the contraction territory in September, adding to fears of a recession in the second half of the year. The flash results of the purchasing managers' survey by S&P Global showed that the HCOB flash composite output index rose to 47.1 in September from 46.7 a month ago, while it was expected to fall to 46.5.

House prices in Germany declined in the second quarter at the fastest pace since 2000, adding further evidence to the adverse impact of rising interest rates on the real estate market in the biggest euro area economy. Prices of residential property decreased by an average 9.9 percent year-on-year, the statistical office Destatis said Friday.

The pound declined against its major counterparts in the European session on Friday, as the nation's retail sales grew less than expected in August and business activity shrank to a 32-month low in September.

UK retail sales expanded in August on food and non-food store sales after wet weather hit footfall in July, official data showed on Friday. Retail sales posted a monthly growth of 0.4 percent, in contrast to the 1.1 percent decline seen in July. Nonetheless, sales volume was slightly weaker than economists' forecast of 0.5 percent rise.

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Fed set to upgrade GDP & lower core inflation forecasts for this year. The US dollar continues to be one of the strongest currencies of the G10 after the FOMC meeting this morning at 4am, following the dollar index's recent peak at 105.51.

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