The pound euro (GBP/EUR) exchange rate is falling for a 4th day.
The pound is dropping ahead of the BoE interest rate decision where the central bank is expected to hike rates by 25 basis points to 4.75%. The market is pricing in 5 more rate hikes from the BoE, a level which would send the economy into recession.
The meeting comes after inflation data yesterday showed that CPI stayed at 8.7% YoY in May.
The euro is benefitting from a weaker pound and USD, shrugging off a growing division between ECB policymakers over the future path of rate hikes.
Eurozone consumer confidence data is due later today and is expected to rise to -17 from -17.4.