The pound euro (GBP/EUR) exchange rate has abruptly turned from losses to gains, rising to €1.19.
The EUR has fallen vs GBP but risen against the USD after Trump threatened 50% trade tariffs on the EU as trade negotiations weren’t progressing as he hoped.
The EUR is also limited by dovish ECB expectations as growth and inflation cool.
The pound is rising after UK retail sales were stronger than expected rising 1.2% MoM up from -0.1% in March and above forecasts of 0.2%.
The data shows that wage growth remains strong, and inflation jumped to 3.5% in April.
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