gbp-british-pound-coins - GBP

The pound euro (GBP/EUR) exchange rate is creeping higher, adding to last week’s gains.

The pound is rising as attention remains on the domestic political agenda. Many candidates have put themselves forward for the leadership contest, with tax cuts appearing to be a popular tool to gain support.

UK GDP data is in focus later in the week and is expected to improve from April’s -0.3% contraction.

The euro trades under pressure as fears over the health of the economy and gas security rise. The Nord Stream gas pipeline has been switch off for repairs. Will Russia turn gas supply back on?

There is no high impacting Eurozone data today.