The Pound Euro (GBP/EUR) exchange rate is holding steady after two straight sessions of gains, ahead of the UK GDP reading. The pair trades at €1.10.
UK GDP is expected to show economic growth of 4.6% MoM in August, down from 6.6% in July. However, with rising covid cases and tighter lockdown restrictions growth could start to stall.
BoE Governor said that he didn’t expect the economic impact to be as server the second time round.
The Euro trade under pressure after the minutes from the latest meeting showed that policy makers were more concerned that initially assumed over the economic growth in the region. Mixed data have proved just how rocky the path to recovery is.