The pound euro (GBP/EUR) exchange rate is rising towards €1.17 and is on track to gain 1% this week.
The euro trades under pressure after the ECB hiked interest rates by 25 bps but signaled that it could be close to the end of its hiking cycle.
German inflation data is expected to show that CPI cooled to 6.2% YoY in July, down from 6.4%.
The pound looks ahead to the BoE rate decision next week amid a quiet economic calendar.
The BoE is expected to hike rates by 25 basis points as inflation remains 4 times the BoE’s target level.
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