GBP/EUR: Pound Tumbles As PM May Clings To Power

The Pound Euro (GBP/EUR) exchange rate is pushing a few pips higher.

The Pound rallied across the previous week amid growing expectations that the BoE could raise interest rates as soon as December. According to the CME Group, there is a 72% probability that rates will be hiked in the December meeting.

UK CPI data and retail sales figures will be in focus later this week.

The Euro edged lower last week versus the stronger Pound on central bank divergence. The ECB is still some distance from raising interest rates.

The Eurozone economic calendar is relatively quiet this week with PMI data at the end of the week expected to be the main driver.