The pound euro exchange rate (GBP/EUR) is falling, snapping a 3-day winning run.
The pound is falling after UK inflation, CPI, was cooler than expected at 4% YoY, vs 4.1% forecast. On a monthly basis, CPI fell -0.6% vs -0.3% forecast.
Cooler inflation saw the market increase rate cut bets for 2024, pulling GBP lower.
The euro is rising after data confirmed the region avoided a recession at the end of last year.
Eurozone GDP stagnated at 0% QoQ in Q4, after falling -0.1% in Q3. Meanwhile, the number of people employed rose 0.3%, supporting the view that a strong labour market could prevent the ECB from cutting rates sooner.
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