gbp-british-pound-coins - GBP

The Pound Euro (GBP/EUR) exchange rate is edging higher at the start of the week after losses last week.

The pound fell last week after weaker services PMIs raised fears of a recession in the UK.

The BoE have said that they are willing to keep hiking rates to tame surging inflation.

There is no high impacting UK data due for release today. This week could be quiet given the extended Jubilee bank holiday weekend.

The euro rose last week after the ECB turned more hawkish with several rate hikes now expected in July to September.

Today German inflation data is expected to show a fresh record high of 8% YoY in May.