gbp-euro-coins - GBP/EUR

The pound euro (GBP/EUR) exchange rate is rising after a subdued session yesterday.

The pound is pushing higher after UK GDP unexpectedly rose 0.5% MoM in May, defying expectations of stalling at 0%. This comes after contracting -0.3% in April and -0.1%in March.

Stronger growth will be a welcome relief for the BoE which considers that the UK economy will contract in Q2.

The euro trades lower ongoing concerns over the health of the  economy as inflation rises and growth stall. German ZEW economic sentiment fell to an 11 year low on gas supply worries.

German inflation confirmed the record 8.2% level, piling pressure on the ECB to hike rates.