The Pound Euro (GBP/EUR) exchange rate is ticking a few pips lower extending losses from the previous session.

The Pound came under pressure on Tuesday following mixed unemployment data. The headline unemployment rate fell unexpectedly to 4.9%. However, this was most likely due to more people exiting the jobs market completely as the inactivity rate also rose by 0.2%

Due today is UK CPI inflation data is expected to tick higher in March to 0.8% year on year, up from 0.4%.

The Euro has picked up thanks to a brightening outlook for the region’s covid vaccine programme. There is no Eurozone data today. The ECB rate announcement on Thursday will be in focus.