The pound euro (GBP/EUR) exchange rate is recovering after two days of losses.
The euro is falling after ECB Vice President Luis De Guindos supports a rate cut if inflation continues cooling.
Yesterday ECB President noted that the eurozone economy was starting to show signs of recovery.
The pound fell sharply yesterday after BoE Governor said that inflation was on the right trajectory for the central bank to cut rates later this year.
His comments came after UK inflation eased to 3.2% from 3.4%, but missed forecasts of 3.1%.
UK retail sales data is due tomorrow.
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