euro-bank-notes - EUR

The Pound Euro (GBP/EUR) exchange rate is ticking higher on Wednesday towards €1.20.

The Pound gained in the previous session after stronger than expected manufacturing PMI, which was upwardly revised to 57.3 in January, from 56.9.

There is no UK data due today. The BoE rate decision is due on Thursday.

The Euro came under pressure after mixed data. German retail sales dropped -5.5%, but Eurozone unemployment fell to the lowest level in 2 years.

Eurozone inflation data is due and is expected to ease to 4.4%.