The pound euro (GBP/EUR) exchange rate is pushing modestly higher after losses yesterday.
The BoE and the ECB are expected to raise interest rates by 50 basis points, a slower pace of hikes from the 75 basis point hike in the previous meeting.
The BoE hike would take the benchmark rate to 3.5% as inflation remains elevated and as the UK economy is set to tip into recession this quarter.
The ECB is also due to slow the pace of rate hikes, to take the benchmark rate to 2%. However, the is the potential fora hawkish surprise as some policy makers remain concerned about the high inflation levels.
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