The pound euro (GBP/EUR) exchange rate is inching higher for a second day on Wednesday.
The euro is falling after German consumer confidence unexpectedly fell to -21.6 from -21.
Data earlier in the week showed that the German business climate also deteriorated unexpectedly. Together, the data raises concerns over the recovery in the eurozone’s largest economy.
Political uncertainty ahead of the French elections this weekend is also hurting the EUR.
The pound is rising despite the CBI retail sales index falling -24 in June owing to poor weather and despite wages growing faster than inflation.
UK elections are to take place on July 4th.
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