The pound euro (GBP/EUR) exchange rate is rising, adding to last week’s gains.
The pound is edging higher in subdued trade due to thin holiday volumes that are expected to persist into the New Year. With few scheduled data releases or catalysts, currency moves are likely to remain limited. Earlier this month, the Bank of England narrowly voted to cut rates to 3.75%, signaling a slower pace of easing as UK inflation cooled to 3.2% in November, with a return to target expected by spring.
Meanwhile, the euro remains under pressure amid geopolitical uncertainty and limited data, with attention focused on Russia-Ukraine peace developments and December PMI data due Friday.
Russia said it is reconsidering its position after reporting Ukraine drone attacks on Putin’s residence. Ukraine denies the attacks.
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