The pound euro (GBP/EUR) exchange rate is rising for a fifth straight day, pushing above €1.1550.
The pound is being boosted by BoE officials, who are pushing back on market expectations for a rate cut early in 2024. BoE Governor Andrew Bailey warned that the central bank would do whatever is necessary to bring inflation down to the 2% target.
The euro is falling as Spanish inflation unexpectedly cooled to 3.2% YoY from 3.5%. German inflation data is due shortly and is expected to cool to 3.5% from 3.8%.
Cooling inflation supports the view that the ECB could be the first major central bank to cut rates.
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