The pound euro (GBP/EUR) exchange rate is falling after strong gains yesterday.
The pound is under pressure after UK labour market data showed that unemployment unexpectedly rose to 3.9% in March. Wages grew at a slower than expected rate of 6.7%.
The data comes after the BoE raised interest rates by 25bps last week and said that it expects inflation to cool rapidly from April.
The euro is rising ahead of eurozone GDP which is expected to show that growth in the region was modest at 0.1%. German ZEW economic sentiment data is expected to show that morale fell again in May, after unexpectedly falling in April.
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