The pound euro (GBP/EUR) exchange rate is rising for a second day pushing above €1.17.

The pound is rising after UK retail sales rose unexpectedly in May. Retail sales rose 0.3% YoY, above forecasts of a -0.3% decline.

The data comes after the BoE raised interest rates by 50 basis points yesterday, ahead of the 25 basis points forecast, taking rates to 5%.

The euro has fallen after the composite PMI data showed that business activity fell to 50.3, down from 52.8. The data suggests that the economy is stalling.

ECB officials Fabio Panetta and Luis de Guindos are due to speak later.