The pound euro (GBP/EUR) is rising after two days of declines and looks towards €1.17.
The euro is falling as investors look ahead to a speech by ECB President Christine Lagarde where she could give more clues over the direction of interest rates.
German IFO business climate slipped to 85.7 in August from 87.4 in July. The data points to deteriorating business sentiment.
The pound is rising after UK consumer confidence unexpectedly improved to -25 from -30 in July. This is ahead of the -29 forecast.
Still recession fears are likely to limit the upside in the pound after weak retail sales and business activity data earlier in the month.
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