The pound euro (GBP/EUR) exchange rate is holding steady after grinding higher in recent sessions.
The pound is weighing up Kantar data, which showed that grocery inflation cooled to 2.4%, its lowest level since October 2021.
The data comes ahead of UK inflation data tomorrow and a speech by BoE governor Andrew Bailey later today.
The euro is weighing up a -3.3% fall in German wholesale inflation (PPI), which fell from -2.9% YoY in March. This suggests that consumer prices could continue falling.
The ECB is on track to cut rates in June. However, there is some uncertainty over whether the central bank will cut rates again in July.
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