The pound euro (GBP/EUR) exchange rate is heading lower on Tuesday for a second day.
The euro is rising after hawkish comments from ECB President Christine Lagarde, who warned of a new phase of lingering inflation. She said that inflation was still too high and victory can’t be declared yet.
More ECB speakers are due at the ECB central banking forum in Portugal.
Meanwhile the pound is falling after UK shop inflation cooled for a second straight month. Food inflation slowed to 14.6% in June, which is still keeping a strain on UK households.
There is no high impacting UK economic data due.
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