gbp-british-pound-coin - GBP

The pound euro (GBP/EUR) exchange rate is holding steady after gains in the previous session.

The pound briefly rose after UK retail sales jumped 0.7% MoM, up from 0.3% and ahead of forecasts of 0.2%, boosted by the hot June weather.

Meanwhile UK public sector net borrowing unexpectedly fell thanks to a rise in tax receipts.

The euro is holding firm in a quiet day on the economic calendar and as investors look ahead to the ECB rate decision next week

The ECB is expected to hike rates by 25 basis points and the meeting comes as inflation shows signs of cooling.