The pound euro (GBP/EUR) exchange rate is rising towards €1.15 after steep losses last week.
The pound fell after the BoE left interest rates unchanged at 5.25% and as recession fears rose following weak PMI data.
The euro is under pressure at the start of the week ahead of German IFO business climate data which is expected to deteriorate to 85.2 from 85.7.
The data follows weak PMI data last week which pointed to a contraction in Q3 and as the ECB is likely to have reached peak rates.
ECB’s Philip Lane said that inflation is expected to keep falling while the interest rate remains at 4%.
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