GBP/EUR: Pound Steady A Boris Johnson Switches Attention To Policies

The Pound euro (GBP/EUR) exchange rate is falling on Friday and is set for weekly declines.

The pound was steady yesterday after UK GDP data confirmed 0.8% growth in Q1, in line with forecasts.

Today UK manufacturing PMI data showed that growth slowed to 52.8 in June, down from 54.6.

The euro is rising following the release of inflation data. Consumer prices in the region rose 8.6% YoY, as fresh record high. This was up from 8.1% in May and ahead of the 8.3% forecast.

The data will piles pressure on the ECB to raise interest rates at a faster clip to tame inflation.