GBP/EUR: Euro In Focus Ahead Of Barrage Of Data Releases

The Pound Euro (GBP/EUR) exchange rate is edging higher on Tuesday clawing back some losses from the previous session.

The Euro was lifted by the weaker US Dollar on Monday as US inflation fears eased.

Today German GDP data, the final reading for the first quarter is expected to show -1.7% QoQ contraction.

German IFO data is expected to show business sentiment creeping higher to 98.1 in May from 96.8 as businesses look ahead to reopening.

The Pound edged lower on Monday despite Bank of England Governor Andrew Bailey saying that it no longer looks as if negative interest rates will be needed.

Today public sector net borrowing will be in focus. Expectations are for the government to have borrowed £13.566 billion in April.