GBP/EUR at €1.12 as BoE Policymaker Evades Monetary Policy Talk

The pound euro (GBP/EUR) exchange rate is edging lower, giving up earlier gains.

The pound is weighing up weaker than expected BRC retail sales data and BoE commentary and the Labour election win.

BRC retail sales fell -0.5% in June on a like-for-like basis after rising 0.4% in May.

BoE’s Haskel warned against cutting rates while wage growth and service sector inflation remain elevated.

The euro recovered from earlier weakness as the market continued to weigh up the election result and a hung parliament.

Moody’s also warned that it could downwardly revise France’s credit rating as the country grapples with uncertainty following its weekend election.