The Pound Euro (GBP/EUR) exchange rate is pushing higher on Thursday for a second day.
The euro continues to trade under pressure after Russia halted the supply of gas to Poland and Bulgaria, demanding payment in rubles. EU nations have now reportedly agreed to pay in Russia’s domestic currency. Higher energy prices are raising fears of a cost-of-living recession.
Today German inflation data is expected to hold steady at the record 7.6% level.
The Pound is rising after being hit by concerns over the UK economic outlook in recent sessions. The BoE could struggle to hike interest rates much further before tipping the UK into recession.
There is no high impacting UK data due today.
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