Pound V euro: GBP exchange rate against EUR slides after P45 stunt at Theresa May speech
THE pound has dropped by -0.4 per cent against the euro in the wake of Theresa May's speech at the Conservative Party conference.
The GBP/EUR exchange rate is trading at around €1.121
This has led to the GBP/EUR exchange rate trading at around €1.121, up from the day's low of €1.119.
The Conservative Party conference speech remains in the headlines today after Theresa May suffered an unfortunate cough and disruption from prankster Simon Brodkin.
Mrs May soldiered on, ultimately outlining plans to cap UK energy prices and expand construction of social housing.
There was a mixed reception to the energy prices plan
We support Theresa May's commitment to tackle the broken energy market and the exploitation by the Big Six, which disproportionately affects vulnerable customers
Among these smaller companies was First Utility Chief Commercial Officer Ed Kamm, who said: "We support Theresa May's commitment to tackle the broken energy market and the exploitation by the Big Six, which disproportionately affects vulnerable customers.
There was a mixed reception to the energy prices plan - major energy suppliers claimed that it would reduce competition, while smaller suppliers praised the measure.
"The majority of consumers pay far too much for energy and many have been doing so for decades."
Theresa May handed P45 by comedian Lee Nelson
The housing plans were also not universally accepted - while Mrs May pledged 25,000 additional social homes in 5 years, it was pointed out that this would be a mere 5,000 per year.
Michael Oxley of the Cambridge Centre for Housing and Planning Research said: "[The 2bn fund is] chicken feed. It would have to be an awful lot more than £2bn for there to be a lot more council housing built."
Just to worsen today's GBP trading conditions, UK car sales were reported to have fallen -9.3 per cent in September, a month when sales would normally be rising.
In the Eurozone, higher reported retail activity has enabled a euro advance.
Higher reported retail activity in the Eurozone has enabled a euro advance
The previous PMI score saw sales dancing on the edge of contraction, but the rise has been a move away from the sub-50 point range.
The pound could be influenced by this evening's speeches from Bank of England (BoE) officials Ian McCafferty and Andy Haldane.
Haldane has backed higher interest rates in recent months, so could trigger a pound recovery by repeating support for a near-term UK rate rise.