The pound euro exchange rate is inching higher after losses last week.

The pound fell after inflation hit 10.1% YoY fueling the cost of living crisis and as consumer confidence plunged.

Today the pound is higher versus the euro but lower versus the USD as strikes at the UK’s Felixstowe port could raise supply chain disruption and lift inflation higher.

The euro is falling after Russia announced the three-day halt of gas supplies along the Nord Stream 1 pipeline, deepening the energy crisis in Europe.

The move could lift record high inflation further.