GBP/EUR: Pound Tumbles As PM May Clings To Power

The Pound Euro (GBP/EUR) exchange rate is edging a few ticks lower, trading just under €1.16.

The Pound slipped lower on Wednesday despite UK inflation surging higher in April. Inflation, as measured by CPI doubled to 1.5% YoY, up from 0.7% in March. The BoE expects inflation to continue rising reaching its 2% target by the end of the year.

There is no high impacting data due today. Attention is likely to remain on covid numbers as the Indian variant spread rapidly.

The Euro traded mixed versus its peers amid US Dollar strength and weaker than forecast inflation numbers. Core CPI rose just 0.7% YoY.

There is little data die to be released leaving sentiment to drive trading.