GBP/EUR: Pound At 3 Week High vs. Euro As May Heads Back To Brussels

The pound euro (GBP/EUR) is rising at the start of the week paring modest losses last week.

The pound is rising after Boris Johnson said he would not put himself forward to be PM, leaving former Chancellor Rishi Sunak as the favourite to win.

Sunak is considered a calming candidate for the market, lifting the pound.

UK PMI data is due and is set to show the service sector contracted.

The euro rose on Friday after consumer confidence unexpectedly improved to -27.6, up from -28.8.

Today eurozone composite PMI data is expected to show a deeper contraction to 47.6 from 48.1,