GBP/EUR: Encouraging Brexit News & Weaker Dollar Keeps GBP/EUR Steady

The Pound Euro (GBP/EUR) exchange rate is extending losses for a third consecutive day.

The Pound trades under pressure after Prime Minister Boris Johnson unveiled plans to hike tax rates in order to address the health and social care funding crisis. The plan would increase the UK tax burden to 35% of GDP.

There is no high impacting UK data today.

The Euro pushed higher in the previous session boosted by an upward revision to GDP. The Eurozone economy grew by 2.2% in Q2, up from 2% in the earlier reading.

However, German ZEW sentiment data fell by more than expected to 26.5 from 40, capping gains in the common currency.

French trade data and Italian retail sales are due today.