GBP/EUR: Pound Steadies After Heavy Fall vs. Euro As May Vows To Stay

The pound euro (GBP/EUR) exchange rate is holding steady, below €1.13 after solid gains last week.

The pound stalled on Friday, after 4 straight days of gains after UK Q4 GDP data showed that the economy stagnated at 0% QoQ. However, GDP in December contracted -0.5% MoM, worse than feared.

The economic calendar is quiet today. UK CPI, unemployment and retail sales are due this week.

The euro drifted lower last week after data raised questions over whether the  expected recession would be milder. Retail sales fell sharply as did German factory orders.

There is no high impacting eurozone data today. This week eurozone GDP data will likely be the highlight.