The pound euro (GBP/EUR) exchange rate is rising above €1.18 after several days of losses.
The euro is falling following inflation data, which showed that CPI eased to 2.5% YoY in June, down from 2.6% in May. This was in line with forecasts.
The data, as well as comments from ECB President Christine Lagarde, support the view that the central bank will likely leave rates on hold in July.
The pound is rising despite UK shop inflation cooling to its lowest level in almost 3 years. BRC hop inflation eased to 0.2% in June, down from 0.6% in May.
The data comes as the BoE assesses when to start cutting interest rates.
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