GBP/EUR: Pound Tumbles vs. Euro As Brexit Project Fear Steps Up A Gear

The pound euro (GBP/EUR) exchange rate is edging lower extending yesterday’s losses.

The euro looks towards eurozone consumer confidence data which is expected to improve and comes after German consumer confidence rose by more than expected to -25.7 in May, up from -29.3.

The data comes as the ECB is set to consider a 25 or 50 basis point hike at the May meeting. ECB Executive Board member Fabio Panetta is due to speak today.

The pound drifted lower yesterday and is doing so again today amid a lack of fresh fundamental drivers. Second tier CBI trend data this week has been mixed.