The Pound Euro (GBP/EUR) exchange rate is rising for a third consecutive day.

The pound is pushing higher despite troubles in Downing Street after the health Secretary and finance minister both resigned from the cabinet. The PM is struggling to contain the fallout after months of bad headlines.

The euro plunged yesterday on recession fears after weak PMI data and on concerns over Russian gas supply.

Today the euro continues to fall as attention turns to Eurozone retail sales which are expected to rebound in May +0.4% MoM, after falling -1.3% in April.

The European Commission’s quarterly forecasts are expected to show a downward revision to growth and an upward revision to inflation.