eur-bank-notes-magnifying-glass - EUR

The pound euro (GBP/EUR) exchange rate is falling towards €1.17 after strong gains last week.

The pound rose 1% last week after record wage growth and after core inflation unexpectedly remained at 6.9%.

Softer-than-expected UK retail sales, which fell -1.2% MoM in July, pulled GBP lower on Friday.

There is no high-impacting UK economic data due to be released today. Later in the week, UK PMI figures will be in focus.

The euro slipped last week but managed to rise on Friday after eurozone inflation showed core inflation remained sticky at 5.5% and service sector inflation ticked higher to 5.6%.

Today attention is on German PPI which is forecast to fall -5.1% YoY and -0.2% MoM.