The Pound Euro (GBP/EUR) exchange rate is edging lower, snapping a two day winning run. Although the pair is set for a flat finish across the week.
The Pound advanced yesterday despite a lack of drivers. Today, attention is very much on the composite PMI, a good gauge of business activity. Expectation are for it to slip to 58.6, down from 58.7.
The Euro weakened yesterday despite PPI inflation surging to 21.9%, well over the 19% forecast and the 16.9% recorded in September. The data piles pressure on the ECB to tighten monetary policy.
Today Eurozone retail sales are in focus and are expected to rise 1.2% YoY down from 2.5%. The Eurozone composite PMI is expected to be 56.6.
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