The pound euro exchange rate is heading higher for a second day.
The pound is rising after hawkish comments from BoE’s Jonathan Haskel and despite the UK GDP confirming a recession at the end of Q4 2023.
Jonathan Haskel said that rates should remain on hold for a long period to control inflation.
UK GDP contracted -0.3% QoQ in Q4, but more recent GDP data shows that the recession was likely short-lived.
The euro is falling after German retail sales fell 1.9% MoM, defying expectations of a 0.3% rise. The weak consumption outlook means a rebound in the economy in Q1 is unlikely.
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