Pound to Euro Exchange Rate Hinges on Thursday's UK GDP Figures

The Pound to Euro exchange rate has been trading in a narrow range as investors await Thursday's UK GDP release and fresh Eurozone industrial data.

At present, GBP/EUR is trading at around €1.1705, close to Monday's two-week high, but little changed on the day.

The Pound drew some support from Bank of England interest rate hike expectations, which have been reinforced by the recent rise in oil prices.

However, a strong inverse relationship with the US Dollar has put pressure on the Euro, causing it to edge lower during the session.

Thursday's UK GDP figures are expected to provide the next major catalyst for the Pound to Euro exchange rate, with markets predicting quarterly growth of 0.4% in the second quarter.