The pound euro (GBP/EUR) exchange rate is pushing higher for a fifth consecutive day, bringing €1.1950 into sight.

The euro fell after German consumer confidence fell to a record low amid surging food and energy prices. Consumer confidence fell to -30.6 from -27.7.

German inflation data is in focus and is expected to ease slightly to 8.1%YoY in July, down from 8.2%.

The pound is rising despite weak data, as British employers become more pessimistic about hiring and investment and as retail prices rise 4.4%.

There is no high impacting UK data due today, investors will start looking ahead to the BoE interest rate decision next week.