The Pound Euro (GBP/EUR) exchange rate is advancing on Monday, jumping +0.46% in early trade. The pair finished the previous week flat.
The Pound was supported by a slightly less dovish Bank of England after the central bank slowed the pace of weekly gilt purchases and upgraded the GDP forecast for the year. The UK is now expected to see economic growth of 7.25% this year.
The Euro was supported last week by a weaker US Dollar and upbeat Eurozone data which suggests that the bloc’s economy has turned a corner.
There is no high impacting data from either the UK or the EU today so reopening news flow and vaccine numbers could be the driver.
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