The pound euro (GBP/EUR) exchange rate is falling for a second day.
The pound is tumbling despite UK inflation data showing that CPI held steady at 8.7% YoY in May and core CPI unexpectedly rose to 7.1%. The data indicates that core inflation still hasn’t peaked and has cemented expectations for a June rate hike.
The BoE will announce its monetary policy decision tomorrow.
The euro is rising despite data showing that German wholesale inflation cooled by more than expected to -1.4% MoM in May after rising 0.3% in April.
There is no high impacting eurozone economic data today.
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