GBP/EUR: Pound Steadies After Heavy Fall vs. Euro As May Vows To Stay

The pound euro exchange rate is treading water after 4 days of gains.

The pound rose yesterday after BoE policy makers testified before the Treasury Committee, with some policymakers indicating more rate hikes were needed.

UK GDP data is due today and is expected to show that the UK economy avoided a recession with 0% growth.

The euro fell yesterday after German inflation unexpectedly cooled to 9.2% YoY, down from 9.6% and missing forecasts of 10%.

There is no high impacting eurozone data today. Instead ECB governing council Schnabel’s speech will be in focus.