The pound euro (GBP/EUR) exchange rate is rising to €1.15 after three days of losses.
The pound is being lifted by hawkish comments from BoE Chief Economist Huw Pill who said that rates need to stay restrictive to fight still high inflation.
UK inflation is still three times the BoE’s 2% target level.
The euro is falling ahead of a speech by ECB President Christine Lagarde, who could provide more insight into the future path for interest rates.
This week, ECB policymakers have adopted a more hawkish stance suggesting that more rate hikes shouldn’t be discounted.
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