The Pound Euro (GBP/EUR) exchange rate is creeping a few ticks higher on Monday, adding to gains from the previous week.

Optimism surrounding the covid vaccine programme supports the Pound ahead of the BoE’s interest rate decision on Thursday.

Today manufacturing PMIs are in focus for both the UK and the Eurozone. The UK is expected to confirm a print of 60.4 in July, down slightly from 63.9 in June.

The Eurozone is expected to confirm a smaller deceleration in growth to 62.6 down from 63.4. A stronger than expected reading could help boost the Euro after mixed data last week kept the common currency pressurized.