The pound euro (GBP/EUR) exchange rate has fallen to €1.1550, giving back yesterday’s gains.
The pound is falling after UK CPI cooled to 3.9% YoY in November, down from 4.6% in October. Core inflation cooled to 5.1% from 5.7%.
The data has fueled bets that the BoE will cut rates sooner and deeper in 2024 with five full 25 basis point cuts priced in.
The euro is rising after German GFK consumer confidence rose by more than expected to -25.1 from -27.6.
Morale improved as inflation cools and as interest rates are expected to be cut next year.
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