The GBP/EUR pairing continues to be impacted by the situation in Eastern Europe. After weakening against the euro on Tuesday, the pound strengthened yesterday and is still in a stronger position this morning.
After an apparent de-escalation of tensions on Tuesday after Russia said it was withdrawing troops from the Ukrainian border, it became clear yesterday that there was no solid evidence of this happening. A US official claimed this was false and said that extra troops have arrived in recent days.
There are no UK economic data releases expected today, however, retail sales figures are due tomorrow morning, expected to show an improvement in January.
