The Pound Euro (GBP/EUR) exchange rate is edging a few pips higher on Tuesday after a steep selloff across last week.

The pound came under pressure as investors reined in expectations of BoE interest rate hikes.

Today UK public sector net debt data showed that the government borrowed £151.8 billion in the financial year ending March 2022. This was the third-highest on record.

The euro was supported yesterday after a surprise improvement in IFO German business confidence.

There is no high-impacting eurozone data due to be released today.