GBP/EUR: Pound Rallies Ahead Of BoE Announcement

The Pound Euro (GBP/EUR) exchange rate is edging lower for a second session.

UK jobs data pointed to an improving UK labour market. Unemployment unexpectedly fell to 4.8% in the three months to March, down from 4.9%. This was the third straight month the rate fell suggesting that the labour market had turned a corner.

Today inflation data for both the UK and the Eurozone will be in focus. Analysts are expecting UK consumer prices to rise 0.6% month on month in April, up from 0.3% in March.

Inflation in the Eurozone is also expected to rise 0.6% month on month in April, down from 0.9%.