The Pound Euro (GBP/EUR) exchange rate is treading water, after two straight days of gains.

The Pound rose in the previous session thanks to the risk on mood in the market.

Today the main focus is on Downing Street with the official report on the party gate scandal due to be released imminently, although the exact timing is unclear.

The Euro fell against the pound yesterday as political concerns in Italy grew. Current Prime Minister Mario Draghi’s bid to become President could result in political turbulence and the collapse of government.

Today German GFK consumer confidence is due to be released and tick lower to -7.8.