The pound euro (GBP/EUR) exchange rate is hovering around €1.1450 after losses in the previous day.
Attention is on the ECB rate decision, where the central bank is expected to leave rates unchanged at a record 4% level after 10 straight rate hikes.
Inflation is cooling and the economic outlook is stalling. However, recent ECB speakers have pointed to rates staying high for longer.
The pound fell yesterday and is struggling for direction today amid a quiet economic calendar. Attention is turning to the BoE rate decision where the central bank is expected to leave rates unchanged.
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