GBP/EUR: Will Eurozone GDP Data Pull Euro Lower?

The Pound Euro (GBP/EUR) exchange rate is rebounding on Friday after briefly slipping below €1.15 in the previous session.

The Pound slipped in the previous session even after the BoE upgraded its growth forecast for the UK. The central bank now sees the UK economy growing 7.25% this year.

As expected, the BoE kept interest rates on hold and the asset purchase programme steady at £875 billion.

There is no high impacting UK data today.

The Euro surged on US Dollar weakness and strong data. Both German factory orders and Eurozone retail sales surged, which followed strong PMI data earlier in the week. The numbers suggest that the Eurozone economy could have turned a corner.