The Pound Euro (GBP/EUR) exchange rate is edging higher, snapping a two day losing streak,
The Pound came under pressure on Tuesday despite upbeat labour market data which showed that the recovery in the jobs market was on track. Unemployment ticked lower to 4.7%.
Attention now will turn to the UK CPI inflation print, which is arguably more important. Expectations are for 1.8% YoY CPI in May, up from 1.5%.
The Euro received a boost from the softer tone surrounding the US Dollar yesterday and after German inflation confirmed 2.4%. This is its highest level in two years.
There is no high impacting Eurozone data today. Investors will be watching the Fed rate decision which could move the common currency, which trades inversely to the US Dollar.