Pound At 3 Week Low vs. Euro Following Dip in UK Retail Sales

The Pound Euro (GBP/EUR) exchange rate is attempting to push higher after falling in the previous session.

Weaker than expected German retail sales have dragged on the Euro. German retail sales plunged -5.1% MoM in July after rising 4.2% in June. Analysts had expected a -0.9% decline in sales.

Looking ahead Eurozone and UK manufacturing PMI data will be in focus. These will be second readings and so are not usually as market moving as the preliminary estimates.

The UK manufacturing PMI is expected to confirm 60.1 in August, down from 60.4 in July. The level 50 separates expansion from contraction.