GBP/EUR: Pound Rallies Ahead Of BoE Announcement

The Pound Euro (GBP/EUR) exchange rate is edging higher, resuming its uptrend after a pause in the previous session.

The Pound came under pressure after data revealed that the UK construction sector recovery slowed to its lowest pace in eight months on supply chain issues, rising prices and labour shortages.

The Euro meanwhile was also under pressure after Germany factory orders and Eurozone retail sales both disappointed, raising doubts over the health of the economic recovery in the region.

Today investors will look to the release of the latest European Central Bank meeting minutes for further clues on when the ECB could start to taper support.