gbp-british-pound-coin - GBP

The Pound Euro (GBP/EUR) exchange rate is edging higher after a weaker start.

The Pound trades broadly depressed despite the BoE raising the interest rate last week by 0.25%. The central bank warned of recession and forecast a contraction for 2023.

There is no high impacting UK data due today.

The euro was resilient last week amid growing expectations of a July rate hike.

However, the euro is turning weaker at the start of the week amid concerns for the economic outlook as the EU are set to vote on phasing out Russian oil.