The Pound Euro (GBP/EUR) exchange rate is building on last week’s gains.
The Pound managed to finish the previous week higher despite concerning trade data on Friday which revealed that UK – EU trade had been hit more than expected by Brexit. A record drop in UK exports to the EU unnerved investors.
Amid a quiet economic calendar this week, investors look to Thursday’s BoE rate decision.
A strong vaccine programme continues to under pin the Pound whilst the Euro is suffering from a much slower rollout on the continent, which is keeping Euro demand in check.
This week is a busier week for Eurozone macro data, starting today with German PPI and French inflation.
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