The pound euro (GBP/EUR) exchange rate is rising after losses yesterday and it set to gain across the week.
The pound is rising after UK GDP data showed the economy grew 0.1% QoQ in Q1, in line with expectations.
The data comes after the BoE hiked rates by 25 bps yesterday and upwardly revised the growth outlook saying that the UK will likely avoid a recession this year.
The euro is edging lower despite hotter than expected French and Spanish inflation data. The data supports the hawkish tone from the ECB, that more hikes are needed to cool inflation.
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