euro-bank-notes - EUR

The pound euro (GBP/EUR) exchange rate is rising towards €1.18 after booking 0.5% of losses last week.

The pound fell as political uncertainty weighed on demand and the Conservatives leadership race saw contenders reduced to six candidates.

Today the economic calendar is quiet but things ramp up tomorrow with unemployment data and then inflation figures on Wednesday.

The euro rose last week despite ongoing concerns on recession and energy security. This week the ECB is due to raise interest rates for the first time since 2011.

However, this almost appears to be too little too late as inflation is set to rise to a record high.