The pound euro exchange rate is rising after two days of losses.
The euro is falling after inflation cooled by more than expected in November, dropping -0.6% MoM, a larger fall than the -0.5% preliminary reading.
On an annual basis, CPI cooled to 2.4% in line with the preliminary reading.
The pound is drifting higher ahead of tomorrow’s inflation data, which is expected to cool to 4.4%, down from 4.6%.
This is still over twice the BoE’s target 2% level and supports the central bank’s hawkish stance in last week’s meeting.
UK GDP and retail sales data is due later in the week.
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