The Pound Euro (GBP/EUR) exchange rate is rising on Tuesday paring losses from the previous session.
The pound fell yesterday in risk-off trade as concerns over rising inflation, a more hawkish Federal Reserve and ongoing uncertainty in Ukraine hit pound demand.
It was a UK bank holiday yesterday so data was limited. Today UK manufacturing PMI is expected to hold steady at 55.3.
The euro rose yesterday despite weak data. Retail sales in Germany unexpectedly fell -0.1% MoM in March after analysts expected a 0.3%rise in sales. The data suggest that higher prices are altering consumers’ habits.
Today Eurozone PPI is expected to rise to 36% a record high and could prompt a more hawkish ECB.
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