The Pound Euro (GBP/EUR) exchange rate is ticking a few pips lower and trades below €1.1850.
The Euro gained ground in the previous session after German GFK consumer confidence came in better than forecast. Sentiment unexpectedly improved to 0.9 up from 0.5, despite rising prices.
All eyes are on the ECB which is due to make its monetary policy announcement later today. No change in policy is expected despite inflation sitting at a 13 year high.
The Pound picked up off session lows on Wednesday after the Chancellor’s budget. UK economic growth forecast was upgraded to 6.5%, up from 4% in March.
There is no high impacting UK data due today.