eur-bank-notes-magnifying-glass - EUR

The Pound Euro (GBP/EUR) exchange rate is rebounding on Wednesday, rising from a two-week low back above €1.17.

The Euro jumped higher after another boost from ECB’s Christine Lagarde who hinted that a 50 basis point rate hike could be a possibility if required.

This news overshadowed weaker than forecast PMI figures for the bloc.

Today German GDP data and consumer confidence data could help the euro higher.

The Pound fell yesterday after UK services PMI data fell to the lowest level in four months in May, raising doubts over the BoE’s ability to raise interest rates without tipping the UK economy into recession.

There is no high impacting UK data due to be released today.