The pound-euro (GBP/EUR) exchange rate is unchanged after gains last week.
The EUR is supported by the German election results, which showed the Conservatives won the elections. Friedrich Merz will be the new Chancellor. Negotiations to form a coalition will begin most likely with SPD, which came third with 16% of the votes.
German IFO business climate was weaker than expected at 85.2 in February, missing forecasts of 85.8.
The pound continues to find support from solid data last week. UK retail sales rose 1.7% MoM in January and the UK service PMI unexpectedly rose.
Today, attention is on BoE speakers, including Claire Lombardelli, Davide Ramden, and Swati Dhingra.
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