The Pound Euro (GBP/EUR) exchange rate is heading higher on Friday, but is set for weekly losses.

The pound is find support from British Minister Rishi Sunak’s cost of living bailout and windfall tax on British oil & gas companies.

There is no high impacting UK data due today.

The Euro found support from hawkish comments from ECB’s Klaas Knot who said that a 50 basis point rate hike was a possibility.

Euro trades lower today ahead with a speech from ECB’s Lane in focus.