The pound euro (GBP/EUR) exchange rate is grinding higher, pushing over €1.15, after losses yesterday.
Following Chancellor Hunt’s U-turn on tax cuts, investors reined in hawkish BoE expectations, pulling the pound lower.
Today UK inflation data is expected to show a rise to 10% YoY in September, up from 9.9% in August. Hot inflation could fuel aggressive rate hike bets.
The euro rose after German ZEW economic sentiment unexpectedly improved to -59.2, up from -61.9.
Eurozone inflation is expected to confirm the preliminary reading of 10%, up from 9.1% in August.
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