The Pound Euro exchange rate is holding steady on Wednesday.

The Pound traded lower after BoE’s Chief Economist Andy Haldane highlighted the weakness that remain in the UK labour market. 3 million workers are still furloughed.

There is no high impacting UK data to be released so covid cases will remain in focus, particularly as uncertainty persists over the final stage of reopening of the UK economy.

The Euro weighed up mixed data. Eurozone Q1 GDP was not as bad as initially feared contracting -0.3% QoQ, better than the initial -0.6% print.

German industrial production was disappointing, held back by supply constraints.

There is no high impacting Eurozone data due. All eyes will be on tomorrow’s European Central Bank rate announcement.