The Pound Euro (GBP/EUR) exchange rate is heading higher for a second consecutive day, pushing above €1.1750.
The Pound advanced in the previous session despite a downward revision to the manufacturing PMI to 58.1, down from 58.2 in the preliminary reading. This was still up from October’s 57.8.
The UK economic calendar is quiet today.
The Euro traded lower yesterday after German retail sales fell sharply lower. Retail sales dropped -2.9% YoY in October as surging prices dented demand. Inflation in Germany hit 5.2% a 29 year high.
Today Eurozone PPI data is in focus and is expected to jump sharply higher, suggesting that consumer inflation won’t start cooling yet.