The pound euro (GBP/EUR) exchange rate is falling for a straight session.
The pound is extending losses after cooler than expected UK inflation data. CPI fell to 7.9% YoY, down from 8.7% in May. Core inflation also fell by more than expected to 6.9%.
The market has reined in rate hike bets, and now sees a 25 bps hike in August rather than a 50 bps hike.
The euro is rising despite German PPI falling to 0.1% YoY. The data comes after eurozone inflation cooled to 5.5% from 6.1%
Attention now turns to eurozone consumer confidence data which is expected to improve modestly to -16 from -16.1.
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