The pound euro (GBP/EUR) exchange rate is treading water after booking losses in the previous session.
The euro rose despite the outlook remain bleak as the energy crisis, inflation and slowing growth look set to continue.
Attention now turns to the release of the latest ECB minutes, German Q2 GDP data (2nd estimate) and IFO business climate which is expected to fall again to 86.8, a level last seen in May 2020.
The outlook for the UK economy is also very gloomy, which weighed on the value of the pound. UK data is in short supply so sentiment is driving sterling.
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