GBP/EUR: Will UK Inflation Data Pull Pound Lower?

The pound euro (GBP/EUR) exchange rate is rising for a third straight day, pushing over €1.15.

The pound is rising on ongoing optimism surrounding the new Prime Minister Rishi Sunak, even after he announced that the Budget will be pushed back until 17th November.

Today all eyes are on the ECB which is expected to raise interest rates for a third straight meeting. The central bank is expected to hike by 75 basis points to tame record inflation.

Could policy makers shed light on how high rates could go?