The pound euro (GBP/EUR) exchange rate is heading higher, snapping a two day losing streak.
The pound is rising after UK retail sales rise 0.5% MoM, more than the 0.3% expected. March sales were downwardly revised to -1.2% MoM. The upbeat data raises optimism over the health of the UK economy.
However, with another rather hike expected from the BoE, household incomes will remain squeezed.
The euro trades lower after data showed that the German economy tipped into recession. The GDP fell -0.3% QoQ in Q1, after falling -0.5% in Q4 2022.
ECB Chief economist Philip Lane is due to speak later.
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