GBP/EUR: Pound Rallies Ahead Of BoE Announcement

The Pound Euro (GBP/EUR) exchange rate is treading lower at the start of the new week. The pair continues to struggle around €1.15.

The Pound has been supported by reopening optimism and encouraging covid and vaccine numbers.

This week investors will look to the Bank of England monetary policy announcement in addition to elections in Scotland.

The Euro traded choppy across the previous week owing to US Dollar fluctuations and mixed Eurozone data.

The Eurozone fell into a double dip recession, after reporting a -0.6% contraction the first quarter of 2021, after contracting -0.7% in the previous quarter.

German retail sales and Eurozone manufacturing PMI data will be in focus.