Story perspectives

Pound Weakens Ahead of Budget Amid Tax Hike Concerns

11/6/2025

Summary

Story summary

The GBP/EUR rate weakened as the Pound fell to €1.1353, down 0.4%, ahead of the UK autumn budget.
Chancellor Rachel Reeves signaled potential tax increases to address the UK's fiscal challenges, raising concerns about economic impacts.
The Euro advanced as markets remained risk-averse.
UK Services PMI rose to 52.3 in October, and Eurozone Services PMI to 53.0, suggesting both currencies may stay rangebound as data and policy shifts influence expectations.

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Story summary

The GBP/EUR rate weakened as the Pound fell to €1.1353, down 0.4%, ahead of the UK autumn budget.
Chancellor Rachel Reeves signaled potential tax increases to address the UK's fiscal challenges, raising concerns about economic impacts.
The Euro advanced as markets remained risk-averse.
UK Services PMI rose to 52.3 in October, and Eurozone Services PMI to 53.0, suggesting both currencies may stay rangebound as data and policy shifts influence expectations.