The Pound to Euro exchange rate (GBP/EUR) dipped to lows near 1.1680 in early Europe on Thursday before a recovery to near 1.1700. The Pound was undermined by a downbeat OECD assessment of the UK economy. In its latest update, the OECD downgraded the UK forecasts for this year and next with GDP growth forecast at just 0.4% for 2024 and 1.0% in 2025. Although the 2024 UK forecast is marginally above the 0.2% for Germany, the 2025 forecast puts the UK at the bottom of the G7 league. As far as monetary policy is concerned, the OECD called for the Bank of England to resist an early cut in interest rates. According to the ... (full story)