The pound euro (GBP/EUR) exchange rate is rising for a fifth straight day, hitting €1.17.
The pound is supported after UK inflation cooled in line with forecasts to 6.8% YoY in July, down from 7.9% in June. But core CPI defied expectations and remained at 6.9%. Analysts had expected core CPI to fall to 6.8%.
The data, along with record wage growth, keeps pressure on the BoE to continue hiking interest rates.
There is no high-impacting UK economic data due today.
The euro has come under pressure despite encouraging GDP data which showed that the economy grew at 0.3% QoQ in Q2 up from 0% in Q1.
The eurozone trade balance is the only relevant data release today.
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