The Pound Euro (GBP/EUR) exchange rate is heading lower today and is set for losses across the weak.

The Euro gained ground on Thursday after the minutes from the latest ECB meeting revealed that policy makers expect the central bank to increase its inflation forecast. Inflation is currently at a 13 year high.

Attention is now on Christine Lagarde who is due to speak and could provide further clues on monetary policy direction.

The pound is tumbling in risk off trade amid growing concerns over the new COVID variant found in South Africa which could be vaccine resistant. Flights to six African nations have been stopped.