The pound euro (GBP/EUR) exchange rate is falling to €1.17, after booking gains yesterday.
The euro is rising despite German retail sales plunging -1.6% MoM in December after falling -0.8% in November. Economists had forecast a rebound of 0.7% growth.
The data comes ahead of German inflation figures due shortly, and which is expected to ease to 3% YoY down from 3.7%. Cooling inflation supports the view that the ECB could cut rates sooner.
The pound looks to the BoE’s decision tomorrow, where the central bank is expected to leave rates on hold at 5.25%.
UK house prices rise by more than expected, up 0.8%, well ahead of the 0.1% rise forecast.
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