EURGBP Exchange Rate

The pound climbed against its major counterparts in the European session on Friday, as the economy registered a stronger than estimated recovery in the first half of the year despite high inflation and tighter monetary policy.

German unemployment increased less than expected in September despite weak economic activity, official data revealed on Friday. The number of unemployed increased by only 10,000 in September after climbing 20,000 in August, the Federal Labor Agency said Friday. Unemployment was expected to rise 15,000.

Germany's import prices declined at the fastest pace in almost four decades, mainly due to base effect from the surge in prices in the same month last year due to the war in Ukraine, the statistical office Destatis said Friday.

Euro area inflation weakened sharply in September to the lowest level since late 2021 after ten consecutive interest rate hikes from the European Central Bank, but the monetary policy is expected to remain tight for longer as the 2 percent target is still away. Inflation eased sharply to 4.3 percent in September from 5.2 percent in August, flash data from Eurostat revealed Friday.

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The Eurozone's PMI figures, released last Friday, slightly exceeded expectations, but they still indicated a significant contraction in economic activity. This has raised concerns about the possibility of negative GDP growth in the second half of the year.

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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.