The Pound Euro (GBP/EUR) exchange rate is inching lower on Friday but is still set for weekly gains of over 1%. The pair is holding above €1.16.
The Pound came under pressure in the previous session after comments from Bank of England Governor Andrew Bailey’s . Andrew Bailey hinted that interest rates would remain low for the foreseeable future.
There is no high impacting UK data die to be released. Brexit jitters and concerns over Northern Ireland continue to weigh on the Pound. Meanwhile reopening optimism could support sterling as more lockdown restrictions are set to be eased on Monday.
The Euro will look ahead to the release of the ECB minutes from the latest meeting. Any signs that policy makers are becoming more confident in the outlook for the economy could lift the common currency.