The pound euro exchange rate (GBP/EUR) is rising after losses yesterday.
The pound is gaining after UK inflation data (CPI) cooled by less than expected to 3.2% YoY from 3.4% in February. Expectations had been for a fall to 3.1%.
Core inflation and services inflation were also hotter than expected.
The market has reined in rate cut expectations to just one BoE rate cut this year.
The euro is falling after eurozone inflation eased to 2.4% in line with the preliminary reading. The data supports the view that the ECB could start cutting rates as soon as June.
ECB President Christine Lagarde is due to speak later.
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