The Pound Euro exchange rate is edging higher for a second straight session.
The Pound rallied on Wednesday following higher than forecast consumer inflation. CPI jumped to 2.1% YoY in May, up from 1.4% in April. This is beyond the BoE’s 2% target, boosting the possibility of the UK central bank reining in loose monetary policy.
The Euro was pressurized in the previous session by a stronger US Dollar after the Fed meeting. The Euro often trades inversely to the US Dollar.
Attention will now turn to Eurozone inflation data. CPI is expected to show a 0.3% MoM increase and a 2% annual increase.