The British pound hovered around $1.31, near its seven-month low, and touched a two-and-a-half-year low against the euro, after weaker-than-expected economic data raised expectations of a Bank of England rate cut next month and intensified pressure on Treasury chief Rachel Reeves ahead of the November 26 budget. The UK economy grew just 0.1% quarter-on-quarter in Q3, down from 0.3% in Q2 and below forecasts of 0.2%, while September GDP contracted 0.1% month-on-month against expectations of 0.1% growth. Data released earlier showed the jobless rate hit a four-year high, and pay growth slowed to its weakest since early 2022. Adding to market jitters, reports of a failed attempt to challenge Prime Minister Keir Starmer’s leadership unsettled investors, with allies warning that any leadership move could trigger market instability and push gilt yields higher, just two weeks before the budget.

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