The Pound Euro (GBP/EUR) exchange rate is creeping higher in early trade as investors look ahead to a slew of data from both the UK and the Eurozone.

The Pound is focused on the release of GDP data, which is expected to show the UK economy contracted -1.7% QoQ in the first three month of the year on the back of covid lockdowns and Brexit.

The Euro was supported by upbeat German economic sentiment data yesterday. Today, its German consumer price index and industrial production numbers will attract attention. Analysts are expecting solid readings for both.