GBP/EUR: Pound Heads Higher As EU To Mull Over Brexit Extension

The Pound Euro (GBP/EUR) exchange rate is holding steady after surging over 1.3% in the previous session.

The Pound was lifted by favorable local election results which boosted political stability.

Re-opening optimism also lifted the Pound after PM Boris Johnson confirmed the further easing of lockdown restrictions as from 17th May.

Restaurants, bars and restaurants will serve inside, cinemas will reopen along with theatres. The UK economy is expected to continue expanding.

The Euro came under pressure despite an upside surprise from Eurozone Sentix confidence data.

German ZEW Economic sentiment data for May will be in focus after unexpectedly falling in April on the back of the covid lockdown