The pound euro (GBP/EUR) exchange rate is falling on Monday after gains last week.

The pound trades under pressure ahead of BoE Governor Andrew Bailey’s speech later today. While a hawkish BoE is supporting sterling, concerns over a recession are limiting the upside.

There is no high-impacting economic data due to be released today. UK unemployment figures and wage growth are due tomorrow.

The euro is rising despite investor sentiment taking a hit. The Sentix investor confidence gauge fell to -22.5 in July, from -17 in June. This was below the estimates of -17.9.

The index reflected conditions in the German economy which are dramatically bad.