The Pound Euro (GBP/EUR) exchange rate is edging a few pips lower snapping two days of gains
The Pound remains underpinned by a hawkish tone from the BoE in last week’s MPC meeting.
UK GDP data will be in focus with analysts forecasting 4.6% growth QoQ. This would mark a strong rebound from the -1.6% contraction in the previous quarter.
The Euro digested a sharp rise in German CPI to 3.8%, its highest level in 28 years in July. However, given the transitory nature of the price increases the ECB is unlikely to be pressurized to move.
There is no high impacting Eurozone data due today.