PMI Construction ahead of expectations GBP/EUR ticks higher, Eurozone inflation figures ahead

At 9AM in London GBP-EUR is 0.09 pct down on Monday night at 1.1708.

(Please Note: The above are wholesale market quotes; your bank will affix its own spread to the above when passing on their retail rates. However, an independent FX provider will guarantee to beat your bank's offer, thus delivering you more currency. Please learn more here.)

Two big events lie ahead for the GBP-EUR rate today - UK construction PMI due at 9:30 and Eurozone PPI at 10:00. We will update accordingly.

UPDATE: UK PMI Construction (May) in at 50.8 versus 49.8 expected. A beat - sterling ticks up a tad.

Economists predict a reading of 49.6, a slight improvement on last month's 49.4. Any moves either side will impact sterling.

The PMI Construction released by the Chartered Institute of Purchasing & Supply and Markit Economics shows business conditions in the UK construction sector.

Regarding Eurozone PPI forecasts are for a reading of 0.3 pct.

We have already seen data out today from The Halifax and British Retail Consortium, see details of this here. The data has had limited impact on sterling.

Treasury Select Committee: MPC members testify

Lloyds Bank Research say it is worth keeping an eye on the appearance of three prospective members of the BOE’s Financial Policy Committee in front of the Treasury Select Committee today.

"This will probably be a low key affair. They may face questioning on their views on the extent to which the work of the FPC overlaps with and complements that of the MPC. However, they are unlikely to contribute anything of significance for the policy deliberations at this week’s MPC meeting," say Lloyds Bank.

The technical outlook for the euro pound exchange rate is suggesting a rebound is in the offing

Trading Central tell their clients:

"Long positions above 0.8515 with targets @ 0.856 & 0.858 in extension.

"Below 0.8515 look for further downside with 0.85 & 0.849 as targets.

"The pair is rebounding and is breaking above its resistance, the RSI is well directed."