The pound euro (GBP/EUR) exchange rate is holding steady after 3 days of gains.
The UK economy’s recovery from a recession last year stalled in April. ONS data showed GDP fell to 0% MoM in April. This was after GDP growth of 0.4% MoM in March.
Weak growth comes as unemployment rose to a 2.5 year high in April. The data supports the view that the BoE could cut rates in August.
The euro is weighing up an upward revision to German inflation data. CPI was revised higher to 2.8% YoY in May, up from 2.4% in the preliminary reading.
Political uncertainty in France is limiting any gains in the common currency.
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