The pound euro (GBP/EUR) exchange rate is heading lower, falling below €1.1750.
The euro ended the previous week modestly lower after the ECB raised interest rates for the first time in 11 years.
However, PMI data showed the business activity contracted in July which doesn’t bode well for GDP data.
Today German IFO economic sentiment is expected to be released later and is expected to fall.
The pound rose last week after retail sales and business activity data came in better than expected. Retail sales fell by -0.1% MoM in June, ahead of the -0.3% forecast.
Brexit troubles could weigh on the pound after the EU sues the UK after the UK government cleared a bill scrapping some of the Norther Ireland protocol.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
