gbp-euro-coins - GBP/EUR

The Pound Euro (GBP/EUR) exchange rate is holding steady on Tuesday.

The pound came under pressure yesterday amid a lack of data and as concerns over the UK economy remain.

Political pressures are also building on Prime Minister Boris Johnson following the partygate scandal.

The euro rose yesterday after German inflation jumped to 7.9% YoY, up from 7.4% in April and well ahead of the 7.6% forecast.

Eurozone consumer sentiment also shows signs of steadying at 105 in May, up from 104.9.

Today all eyes are on Eurozone inflation data which is expected to rise to a record high of 7.7% up from 7.4%. High inflation will add pressure to the ECB to raise interest rates.