The Pound Euro (GBP/EUR) exchange rate is rising on Friday but is still set for weekly losses.

The Pound has come under pressure across the week on concerns over the economic outlook. With no data due to be released, attention will now turn towards the BoE rate decision next week,

The euro rose yesterday after German inflation ticked higher again to 7.8% a record high amid rising energy prices and supply chain disruptions.

German GDP actually held up better than expected rising 0.2%. Meanwhile, eurozone GDP grew 0.2% less than the 0.3% forecast.

Inflation reached a new high of 7.5% mounting pressure on the ECB to hike rates.