Analyst:

Analysts at Monex Europe said in a report that the progress made by the right-wing political party, the UK Reform Party, in local elections in the UK may be one of the reasons for the current decline in the pound against the euro. "Although in our view, the results of local elections will not have a huge impact on the market, it is still making headlines in the UK, and Reform seems to have had a very good night despite both the Labour and Conservative parties paying a price." However, they noted that the US non-farm payroll report will ultimately have a greater impact on the pound's trend.