GBP/EUR: Brexit Hopes Keep Pound Elevated Above Euro

The pound euro (GBP/EUR) exchange rate is pushing higher for a second day.

The pound is rising despite there being little in the way of fresh data or fundamental catalysts.

Attention is turning to tomorrow’s GDP data which is expected to show that the economy grew 0.1% MoM in January, an encouraging start to the year.

The euro struggled for another session with no new data to digest. Data this week has been broadly mixed. After German retail sales unexpectedly fell -0.,3%  MoM but industrial output jumped.

Attention is shifting to the ECB meeting next week, where the central bank is expected to hike rates by 50 basis points.