The pound euro (GBP/EUR) exchange rate is falling below €1.750 after gains yesterday.
Hotter than forecast inflation boosted the pound yesterday. CPI rose to 9.4% YoY in May, up from 9.1% and ahead of the 9.2% forecast.
The data could see the BoE hike rates more aggressively in August.
The euro fell yesterday after German PPI inflation was slightly softer than forecast.
Today all eyes are on the ECB which is expected to hike rates for the first time in 11 years. The market has started to price in a 50 basis point rate hike, up from 25 basis points.