The Pound Sterling (GBP) is edging marginally lower, in line with its European peers, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Chancellor talks up growth policies

"There was little reaction to comments from Chancellor Reeves outlining measures aimed at boosting UK growth—trade talks, looser planning and development rules— perhaps because there was little new in the comments and these measures will take time to have an impact. The chancellor threw her support behind the expansion of Heathrow airport to signal that the government is serious about removing obstacles to development."

"Spot losses are holding in the low 1.24 zone but weakness below the base of a minor bull channel on the short-term chart suggests downside risks remain for the pound. A move below 1.24 targets losses to the low/mid 1.23s in the short run."