GBP/EUR: Will Eurozone GDP Data Pull Euro Lower?

The pound euro (GBP/EUR) exchange rate is edging a few tick higher after steep losses in the previous session.

The pound dropped sharply yesterday after the BoE raised interest rates in line with forecasts but the vote was more dovish than expected.

UK retail sales fell -0.4% MoM in November, after rising 0.9% in October.

PMI data, which gauges business activity has been in focus for both the UK and Europe. Both regions saw business activity improve, but remain in contraction, suggesting that the economies are in recession.