GBP/EUR: Pound Heads Higher As EU To Mull Over Brexit Extension

The Pound Euro (GBP/EUR) exchange rate is extending gains beyond €1.17, trading at a 3-week high.

The Pound jumped higher after BoE Governor Andrew Bailey said that he was of the opinion that the minimum conditions for a rate hike had been reached.

The Pound brushed off data which revealed that the UK economy grew by just 0.1% MoM in March, down from 1% in June.

The Euro edged lower even after the ECB announced that it will slow bond purchases over the coming quarter. The ECB also said that it had not discussed what it will do next.