The pound euro (GBP/EUR) exchange rate is holding steady just below €1.15.
The euro is digesting weaker than expected German GFK consumer confidence which dropped to -26.5 from a downwardly revised -25.6 as wage expectations ease and inflation remains high.
The ECB hinted last week that it was at the end of its hiking cycle but rates could remain high for longer to tame inflation.
The pound is struggling amid expectations that the BoE is close to the end of its hiking cycle after the BoE kept rate unchanged in its MPC meeting last week.
There is no high impacting UK economic data due today so sentiment will drive the pound.
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