The pound-euro (GBP/EUR) exchange rate is rising on Friday after yesterday’s losses.
The pound is rising after strong UK data. Retail sales jumped 1.8% MoM in January and 4.5% YoY, far exceeding forecasts and signalling improved consumer confidence.
Business activity also strengthened, with the composite PMI rising to 53.9, pointing to a solid start to the year.
The euro came under pressure despite upbeat eurozone PMI data, which showed manufacturing returning to expansion, led by Germany annal the composite PMI rising to 51.9. However, the figures are unlikely to alter expectations that the ECB will keep interest rates unchanged this year.
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