The Pound Euro (GBP/EUR) exchange rate rallied to a fresh 9 month high in the previous session. The price holds €1.1330 where it awaits fresh catalysts.

The Pound was well supported by falling covid cases, rising vaccinations and better than forecast manufacturing PMI.

The Euro has been under pressure amid a slow vaccine rollout and despite solid economic data.

Today Eurozone Q4 GDP is due to be released. Analysts are expecting -1.2% contraction quarter on quarter as the resurgence of covid in the final three months of the year has less of an impact on the economy than in Q2.