The pound euro (GBP/EUR) exchange rate holds steady at €1.1950.
The euro is unchanged after the ECB cut interest rates by 25 basis points in line with expectations to 2.75% to support growth. The ECB warns of headwinds to the economy.
German GDP contracted by more than expected at -0.2% in Q4 highlighting the challenges the ECB faces.
The pound is unchanged amid a quiet day on the UK economic calendar. Attention is turning to the BoE’s rate decision next week, where the central bank is expected to cut rates by 25 bps.