In early European trading on Wednesday, the euro was largely stable against the pound after falling from 0.Three-week low of 8499 rebounds, latest figures show UK economy growing 0-month-on-month in January.2%, in line with market consensus。

The largest positive contribution of services to gross domestic product (GDP), growth of 0.2%, after a contraction of 0 in December.1%。

In contrast, industrial production fell at a monthly rate of 0 in January..2%, up 0% in December.6%。Figures from the Office for National Statistics show that this data is due to the continued contraction of mining and quarrying output (-1.3%) and water supply and drainage (-2.2%)。

Compared to January 2023, the UK economy fell again by 0.3%, in line with market expectations。

These GDP figures come a day after another set of data showed that UK wage growth in January was the slowest since October 2022.。

Market participants expect the Bank of England may be slower than the ECB in easing monetary policy。

Markets have fully priced in a 25 basis point rate cut by the central bank by August, and the likelihood of a rate cut by June is close to 50%。

Next, euro traders will focus on Eurozone January industrial production data released today at 10: 00 GMT。

As of 7: 58 GMT on Wednesday, the euro edged up 0 against the pound..05%, reported 0.8545。

On Friday, the forex pair fell to 0.8499。The latter is the currency pair's lowest level since Feb. 14 (0.8498)。