The pound euro (GBP/EUR) exchange rate is rising after losses yesterday.
The euro is falling after eurozone inflation data confirmed that CPI rose to 2.6% YoY in July, up from 2.5%.
The data comes as ECB policymaker Ollie Rehn said that the ECB may need to cut rates in September due to a weakening growth outlook.
The pound is rising despite a lack of fresh fundamental data. Even so investors are reining in BoE rate cut expectations.
The market is pricing in just a 20% chance of a rate cut in September, and the next fully priced rate cut isn’t until November.
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