The pound euro (GBP/EUR) exchange rate is falling below €1.1650, after a relatively flat finish yesterday.
The pound is edging lower after UK jobs data showed that wage growth cooled by more than expected to 7.3% in 3M/Oct, down from 7.8%. The data will be well received by the BoE but is unlikely to change the view that rates need to stay high for longer.
The BoE rate decision is on Thursday.
German ZEW economic sentiment was stronger than expected in December, rising to 12.8, up from 9.8 and ahead of forecasts of 8.8.
The data suggests that the downturn in the German economy may have bottomed out.
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