gbp-british-pound-coins - GBP

The pound euro (GBP/EUR) exchange rate is holing steady after losses in the previous session.

The pound fell after UK inflation was weaker than expected at 10.1% YoY in January, down from 10.5% in December. Cooler inflation eases pressure on the BoE to raise rates.

Attention will now be on BoE’s chief economist Huw Pill who is due to speak.

The euro rose yesterday after  ECB’s Christine Lagarde reiterated plans to raise interest rates by 50 basis points in the March meeting.

There is no eurozone economic data due today. Instead several ECB policy makers are due to speak and could shed more light on the ECB plan for future rate hikes.