The pound euro (GBP/EUR) exchange rate is falling for a third day and is set to drop across the week.
The pound is dropping despite retail sales jumping 3.4% MoM in January, rebounding from -3.3% fall in December.
The data comes a day after figures confirmed that the UK economy tipped into recession in Q4 2023.
The euro is rising after ECB policymaker Isabel Schnabel warned about cutting interest rates too soon.
However, the European Commission downwardly revising its growth forecasts for he region this year is limiting EUR gains. The EC forecasts growth of 0.8%, down from 1.2%.
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