The Pound Euro (GBP/EUR) exchange rate is heading lower after strong gains yesterday.

The Pound pushed higher after UK Prime Minister Boris Johnson won a vote of no confidence by just 59%.

Business activity in the UK slowed in May to 53.2, however, this was still ahead of forecasts.

The Euro is rising after investor sentiment rose by more than expected to -15.8, up from -22.6. This could still deteriorate further as the ECB start hiking rates

German factory orders unexpectedly fell -2.7%, analysts had expected a rise by 0.4%.

The ECB is due to make its monetary policy announcement on Thursday.