The pound euro exchange rate is holding steady below €1.19, recouping earlier losses.
The EUR is under pressure after the ECB left the rate unchanged at 3.75% as expected and was vague regarding its next move, saying it would remain data-dependent. The market believes the ECB will cut rates in September, pulling EUR lower.
The pound is also under pressure after UK wage growth was its slowest in 2 years at 5.7%, reviving bets that the BoE could cut rates in August.
The data comes after sticky service sector inflation on Wednesday, which raised doubts over an August rate cut.
The market sees a 40% probability of a cut next month.
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