The pound euro (GBP/EUR) exchange rate is rising but is set to fall across the week.
The pound is advancing after the UK’s Q1 GDP rose more than expected to 0.6% QoQ, up from -0.3% in Q4 2023 and ahead of the forecast of 0.4%.
This marked the strongest growth since 2021 but is unlikely to knock the BoE off track from cutting rates in June or August.
The euro is under pressure after the minutes of the April ECB meeting confirmed that the central bank is on track to cut rates in June, barring any surprises.
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