GBP/EUR: the pound falls below €1.1750

The Pound Euro exchange rate (GBP/EUR) fell to a 10-week low yesterday and is expected to lose 1.5% this week.

The pound came under pressure after the BoE raised interest rates by 0.25% but warned the UK was heading into recession. The prospect of high inflation and slowing growth hit the pound hard.

No high-impact data is expected today.

The euro rose despite Germany’s factory orders falling -4.7% m/m amid the fallout from the war on Russia.

The ECB’s Holzmann said the central bank would discuss raising interest rates at the June meeting, but would likely agree at the July meeting.

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