The Pound Euro (GBP/EUR) exchange rate is treading water after falling 0.4% yesterday, back below €1.20.
The Pound dropped in the previous session following the release of the report into lockdown gatherings at Downing Street. The water was not as damaging as previously feared with many of the cabinet members also taking the blame.
Today UK manufacturing PMI data, the final reading for January is expected to show that activity slowed slightly from December but remained strong at 56.9, down from 57.7.
The Euro rebounded on Monday on the back of a cheaper USD and despite mixed data. Eurozone GDP grew at 0.3% QoQ in line with forecasts, German inflation slowed to 4.9%.
German retail sales, unemployment and manufacturing PMIs will be in focus today.
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