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

The pound euro exchange rate is holding steady around €1.1350 after gains yesterday.

The euro is looking ahead to the ECB rate decision with the central bank is expected to weigh up a 25 basis point and a 50 basis point rate hike.

The meeting comes as CPI inflation rises to 7% and core inflation ticked lower off the record high to 5.6%.

The pound has had a quiet week for data. Today sees the release of UK services PMI data, which is expected to confirm the preliminary reading of 54.9, up from 52.9 in March.

Strong service sector growth could boost the pound.