The pound euro (GBP/EUR) exchange rate is heading higher for a fourth straight day.
The euro is under pressure as inflation data points to cooling consumer prices in the region. Spanish inflation cooled by more than expected to 3.1%. French inflation was also lower than forecast at 5%.
German inflation data is due later today and is expected to ease to 6.5% YoY in May from 7.2% in April.
The pound is rising despite a lack of fresh fundamental data today.
The pound found support yesterday after data showed that UK shop inflation rose to 9% a record high, keeping pressure on the BoE to hike rates further.
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