The pound euro (GBP/EUR) exchange rate is rising for a fourth day, a heads towards €1.1550.
The euro is edging lower with Spanish inflation data in focus. Consumer prices in Spain are expected to cool to 3.5% YoY, from 4.1%. Cooling inflation takes some pressure off the ECB to hike rates aggressively.
Eurozone consumer confidence data is also due and is expected to hold steady at -17.4, while economic sentiment is set to ease to 98.
The pound has been supported by an improving outlook. US retail sales rose by more than expected at 0.5% MoM.
Expectations are for the BoE to continue hiking interest rates again in June as inflation remains over four times the central bank’s target.
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