Pound-Euro Exchange Rate Edges Higher Amid Lack of UK Data

The Pound-Euro exchange rate saw a slight increase on Tuesday, but its upward momentum was limited by the absence of significant UK economic data.

Average diesel prices in the UK hit a record high, which could boost Bank of England interest rate hike bets and fuel concerns about the cost-of-living crisis.

The Euro slipped on Tuesday due to its negative correlation with the US Dollar, as well as disappointing Eurozone economic sentiment index data.

Moving forward, Germany's retail sales figures are expected to lift the Euro, while the UK's final GDP growth rate for the second quarter could provide Sterling with some direction.