The pound euro (GBP/EUR) exchange rate is inching higher after losses yesterday.
The euro is struggling after German retail sales plunged -5.3% MoM, after rising 1.1% in November.
Attention now turns to eurozone GDP data which is expected to show that the economy stalled in Q4 2022, after rising 0.3% in Q3. The data comes after Germany’s economy unexpectedly contracted in Q4 reviving recession fears.
The pound is edging higher after yesterday’s losses. Economic data has been in short supply this week as investors look ahead to the BoE rate decision on Thursday, where policymakers are expected to agree a 50 basis point rate hike.
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