The pound euro (GBP/EUR) exchange rate is rising for a fourth straight day, pushing above €1.1650.
The pound is rising after UK inflation cooled by more than expected to 6.8% YoY in July, down from 7.9% YoY in June and in-line with forecasts.
However core inflation remained unchanged at 6.9% YoY. Analysts had forecast 6.8%. Hot core inflation keeps pressure on the BoE to keep hiking interest rates.
The euro is falling despite upbeat economic data, with GDP confirming 0.3% QoQ growth in Q2, up from 0% in Q1. Industrial production also rose by more than forecast at 0.5% MoM in June, up from 0% in May.
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