GBP/EUR: Pound Strengthens Ahead Of Parliammentary Brexit Vote

The pound euro (GBP/EUR) exchange rate is falling for a third straight day, edging away from €1.1350.

The euro is pushing higher ahead of inflation data which is set to show that inflation cooled to 9.1% YoY in January, down from 9.2% in December.

The data comes after GDP data yesterday showed that the economy avoided a recession, unexpectedly growing 0.1% QoQ.

The pound struggled yesterday and continues under pressure after the IMF downwardly revised its UK GDP forecast in 2023 to -0.6% contraction. The UK is the only G7 nation whose economy is expected to contract.

UK manufacturing PMI data is due later today and is expected to confirm contraction.