The pound euro (GBP/EUR) exchange rate is rising, snapping a 2-day losing run.
The euro trades lower after weak data. German factory orders fell by -0.4% MoM in April after falling -10.9% in the previous month. This highlights the increasingly gloomy outlook for the eurozone’s largest economy.
Eurozone retail sales were also weaker than forecast at 0% after falling -0.4% in March.
The pound pushed higher despite BRC retail sales showing that consumer spending didn’t ramp up across the many bank holidays in May.
The weaker sales are a reflection of the struggles that households face amid high inflation and interest rates.