GBP/EUR Exchange Rate Holds Near 1.17 Amid Stronger-than-Expected UK GDP Data

The British Pound to Euro exchange rate held steady near 1.17 on Thursday after stronger-than-expected UK GDP data reinforced confidence in the domestic economy.

While the Pound's gains remained limited, the Euro struggled for support due to elevated European gas prices and uncertainty surrounding Middle East energy supplies.

The June reading provided some reassurance over the UK outlook, but Sterling's response was relatively muted as the quarterly figure had already been widely anticipated.

European natural gas prices were trading just below €60 per megawatt hour on Thursday, making the Eurozone particularly sensitive to higher imported energy costs.