The pound – euro (GBP/EUR) exchange rate is rising sharply on Monday, recovering last week’s losses.
The euro gave up earlier gains, falling sharply against the pound and the USD.
The pull back comes despite the German IFO Business Sentiment rose to 89 in August, beating consensus of 88.6 and up from July’s reaing of 86.4.
Despite the data showing resiliance in the German economy, it failed to lift the EUR.
The pound is rising versus the EUR recovering from losses last week.
Thhe pound fell despite hotter inflation andd sttonger than expetced PMI data.