The pound euro (GBP/EUR) exchange rate is rising for a fifth straight day, pushing towards €1.1650.
The euro is coming under pressure as inflation in the region cools. German and French inflation cooled by more than expected ahead of today’s Eurozone inflation data.
Eurozone inflation is forecast to ease to 6.3% YoY from 7% in April. Core inflation is expected to remain sticky at 5.5% down slightly from 5.6%.
ECB minutes and eurozone manufacturing PMI data are also due to be released.
The pound pushed higher yesterday and remains buoyant despite UK business confidence falling. The Lloyds business barometer fell for the first time since February as inflation worries persist.
UK manufacturing PMI data is in focus and is expected to confirm a deeper contraction of 46.9 from 47.8.
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