The Pound Euro (GBP/EUR) exchange rate is recovering after steep losses yesterday.
The pair tumbled after UK CPI inflation data came in slightly softer than expected at 9% YoY, up from 7% but short of the 9.1% forecast.
Today retail sales data will be in focus. Are consumers reining in spending as prices surge? Expectations are for a fall of -0.2% MoM.
Eurozone CPI was also downwardly revised on Thursday at 7.4%, still a record high and is likely to keep the ECB considering a July interest rate hike.
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