The Pound Euro (GBP/EUR) exchange rate is holding steady in early trade on Wednesday
The Pound edged lower on Tuesday despite encouraging UK labour market data. The number of employees on payrolls jumped by 241,000 and unemployment ticked lower to 4.6%.
Today the UK CPI inflation will be in focus. Expectations are for a rise to 2.9%. The BoE believes CPI will rise to 4% by the end of the year. A high reading could boost the Pound.
The Euro found support from a weaker USD. The Euro trades inversely to the USD.
Eurozone industrial production will be in focus and is expected to rebound from July’s -0.3% contraction.