The pound euro (GBP/EUR) exchange rate is rising, reversing losses from the previous session.
The euro is falling after Spanish inflation fell by more than expected to 3.3% YoY, down from 6% in February. this was below forecasts of 3.8%.
German inflation is also due today and is expected to fall to 7.3% YoY, down from 8.7%.
The pound is supported by expectations of further BoE rate hikes as inflation remains elevated at 10.4% and food inflation hit a record high of 15%.
The BoE quarterly bulletin is due to be released shortly and give shed further light on the BoE’s next moves.
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