The pound euro (GBP/EUR) exchange rate remains below €1.13, after booking losses last week.
The euro rose as recession fears eased thanks to falling gas prices and as China reopens after zero-Covid.
Today attention is on German wholesale inflation, which is expected to fall to 13% YoY in December, down from 14.9%.
The pound is treading water after UK GDP unexpectedly rose in November. The economy grow 0.1% MoM, defying expectations of a -0.2% contraction. This raises the prospect of the economy avoiding a recession in Q4.
BoE Governor Andrew Bailey is due to speak later. Investors will be watching for clues over the future path of interest rates.
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