The Pound Euro (GBP/EUR) exchange rate is edging lower after strong gains on Monday.

The Pound rallied at the start of the week as reopening optimism drove demand for sterling. Vaccine numbers remain impressive with 43 million doses now administered.

Attention will now turn to UK labour market data and particularly the unemployment rate which is expected to tick higher to 5.2% in the three months to February.

The Euro traded mixed versus its major peers in the previous session, although a weaker US Dollar is helping the common currency higher today. The Eurozone economic calendar is light leaving sentiment and the US Dollar to drive trading.

Investors are remaining cautious ahead of the ECB rate announcement on Thursday.