Pound Holds Ground Despite ECB Rate Hike Fails to Boost Euro

The Pound to Euro exchange rate remained largely unchanged on Thursday, trading at around €1.1639 after the European Central Bank delivered its latest interest rate hike.

The ECB raised interest rates by a further 25 basis points, taking its benchmark rate to 2.65%, but the single currency struggled to gain traction as the bank's policy statement and comments from President Christine Lagarde failed to provide hawkish signals.

The Pound traded within a narrow range on Thursday, with attention shifting towards the upcoming UK GDP figures, which are expected to show stagnant growth in July and may weigh on Sterling.