The pound euro (GBP/EUR) exchange rate rose to €1.16, after small losses yesterday.
The euro is falling after weak German retail sales, which plunged -2.5% MoM in December after rising 1.1% in November. Analysts forecast a -0.1% decline.
Eurozone inflation rose to 2.9% YoY up from 2.4% in November, casting doubt on the ECB’s ability to cut rates in March.
The pound is rising after a strong rebound in the service sector in December, the services PMI jumped to 53.4 from 50.9.
The souring market mood could limit gains in sterling, particularly as the UK economic calendar is quiet.
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