GBP/EUR: Will ECB Minutes Boost Euro vs. Pound?

THE pound-euro (GBP/EUR) exchange rate is holding steady at €1.1750 and is set to remain unchanged across the week for a second straight week.

The euro holds onto yesterday’s gains after the ECB cut rates by 25 bps, as expected, to 3.75%. The central bank lifted its inflation projection and failed to commit to the next rate cut.

Eurozone GDP rose 0.3% QoQ in Q1, in line with the preliminary reading.

The pound is unchanged amid a quiet day for economic data. Yesterday UK construction PMI rose at the fastest pace in 2 years. However, the dominant services PMI was downwardly revised in May.