The Pound Euro (GBP/EUR) exchange rate is advancing at the start of the week, adding to gains last week.
The pound rose against the euro last week after Prime Minister Boris Johnson won a vote of no confidence, albeit my a small margin.
This is a busy week for the pound with the BoE rate announcement, unemployment data and today’s GDP reading. Expectations are for economic growth of 0.1% in April after a 0.1% contraction in March.
The euro fell last week after the ECB signaled to a rate rise in July but slashed the GDP forecast while raising the inflation outlook.
USD strength last week also dragged the euro lower. The euro often trades inversely to the greenback.