The pound euro exchange rate is holding steady at €1.1660 after losses yesterday.
The pound recovered from earlier losses after the outlook remains weak after BoE Governor Andrew Bailey hinted that the peak rates could be near. His comments come ahead of the BoE rate decision later this month.
The euro has given up earlier gains. The euro came under pressure after German industrial production dropped -0.8% MoM in July, below the -0.5% fall forecast.
Eurozone GDP was also downwardly revised to 0.1% QoQ in Q2 down from 0.3% in the earlier reading.
Recent eurozone data has been weak and raises the chances of a recession in the region.
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