The pound euro exchange rate (GBP/EUR) is rising after 3-days of losses.
The pound is rising after data showed that inflation cooled to 2% Yo in May, the BoE target level for the first time since July 2021.
However, the service sector inflation was hotter than expected at 5.7%, down from 5.9% but higher than 5.5% forecast.
The BoE is unlikely to cut rates tomorrow but could prepare the market for an August cut should service sector inflation cool further.
The euro is drifting lower in quiet trade. The eurozone economic calendar is quiet. Yesterday German ZEW economic sentiment was weaker than expected, and inflation rose in May.
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