GBP/EUR: Pound Heads Higher As EU To Mull Over Brexit Extension

The Pound Euro (GBP/EUR) exchange rate is extending losses after a steep decline in the previous session.

The Pound dived after the BoE voted 7-2 to keep interest rates unchanged at 0.1%. Expectations had been that the BoE would raise interest rates to rein in elevated inflation.

There is no high impacting UK data today. BoE speakers will hit the airwaves to explain their decision.

The Euro rose versus the Pound but fell versus the US Dollar as investors digested weaker than forecast composite PMI for the region. This is often considered a good gauge for business activity. It fell to a 6-month low.

Eurozone retail sales are in focus today and are expected to rise 1.5% YoY.