The Pound Euro ( GBP/EUR ) exchange rate fell to a 12-week low last week as weaker UK data dented Sterling and upbeat Eurozone data supported the single currency. At the time of writing, GBP/EUR was trading at €1.1615, down around 0.4% on the week. The Pound (GBP) began the week on a weaker footing after UK consumer confidence dropped to a three-year low. Sterling then struggled after figures revealed a sharp rise in UK government borrowing in August. GBP faced fresh selling pressure midway through the week as the UK services PMI fell more sharply than forecast, dropping to 51.7 in September from 52.5 in August. The Pound remained subdued as further evidence of softer consumer spending emerged.
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