euro-bank-notes - EUR

The Pound Euro (GBP/EUR) exchange rate is trading a few pips lower on Monday.

The Pound closed lower last week but off its weekly lows after the BoE kept interest rates on hold but revealed a more hawkish vote towards tapering QE.

However, sterling is under pressure at the start of the week as concerns over fuel shortages at the pumps resulted in panic buying at petrol stations across the UK.

The Euro is gaining ground following the German elections. As expected, the Olaf Scholz and his centre-left Social Democratic Party edged ahead in the elections but with insufficient votes for a majority. Coalition talks will now begin and could take months.