The pound euro (GBP/EUR) exchange rate is slipping lower after small gains yesterday.

The pound is under pressure as attention turns to the BoE rate announcement on Thursday. The BoE will decide between a 50 and 75 basis point hike.

There is no high impacting UK data due today.

The euro is rising ahead of German wholesale inflation data which is expected to hold steady over 37%.

ECB President Christine Lagarde is also due to speak and could shed some light on where the central bank will take interest rates.