The pound euro (GBP/EUR) exchange rate is holding steady at around €1.1950.
The pound is unchanged as investors digest comments from BoE Governor Andrew Bailey before the Treasury Select Committee. He warned that rates could be cut more gradually due to Labour’s inflationary Budget.
UK CPI data is due tomorrow and is expected to rise to 2.2% YoY from 1.7%.
The euro is flat after data showed inflation rose to 2% YoY in October, in line with the preliminary reading.
The data supports a 25-basis-point cut from the ECB in December, not a 50-basis-point cut.
Eurozone PMI data is due later in the week.