The pound euro (GBP/EUR) exchange rate is edging lower at the start of the week.

The pound rose last week after the BoE hiked rates to 4.5% the highest level since 2008.

Friday’s GDP data showed that the UK GDP grew 0.1%QoQ, supporting the BoE’s view that the UK could avoid a recession this year.

Today the BoE will testify before the Treasury select committee and could influence the pound.

The euro fell last week after mixed data and despite hawkish ECB commentary.

Today the European Commission is due to release its growth forecasts. Stronger than expected growth could lift the euro.