Forex
Pound Rises on Disappointing Eurozone Data and Higher Diesel Prices
The Pound (GBP) rose modestly against the Euro (EUR) on Tuesday due to disappointing Eurozone data, despite the absence of fresh UK economic releases. The GBP/EUR exchange rate is currently trading at €1.1663.
Average diesel prices in the UK hit a new record high, strengthening expectations that the Bank of England (BoE) may raise interest rates. This development adds to concerns over the country's cost-of-living pressures.
The Euro (EUR) edged lower on Tuesday as the US Dollar (USD) strengthened. The Eurozone's economic sentiment index unexpectedly fell from 98.4 to 97.9 in September, missing expectations for a rise to 99.