The Pound Euro (GBP/EUR) exchange rate is pushing higher for a second day, looking towards €1.18.

The pound is getting a boost from hotter than expected inflation. UK CPI surged to a decade high of 5.1% in November.

The data comes following encouraging jobs data yesterday and will pile the pressure on the BoE to hike interest rates tomorrow.

The  Euro is edging lower ahead of tomorrow’s ECB interest rate decision. The ECB is one of the more dovish major central banks, which could keep the pressure on the Euro.