The pound euro (GBP/EUR) exchange rate is heading higher for a second day.
The pound is rising after UK GDP data confirmed that the UK economy grew at 0.1% QoQ in Q1 and business confidence rose to a 13 month high. The resilience raises the prospect of further rate hikes from the BoE
The euro is heading lower ahead of eurozone inflation data which is expected to show that inflation cooled to 5.6% YoY, down from 6.1%.
Inflation in Spain and France has eased notably. However inflation in Germany rose by more than expected to 6.4% YoY.