The pound euro (GBP/EUR) exchange rate is flat on Wednesday after 2 days of gains.
The pound is unchanged despite hotter-than-expected UK inflation data. The UK CPI rose to 3% YoY, up from 2.5% and above the 2.8% that economists forecast.
Service sector inflation jumped to 5% from 4.4%, but was below expectations of 5.2%. The data supports a cautious approach from the BoE towards rate cuts.
The euro is unchanged as trade tariff worries offset optimism surrounding a Ukraine – Russia peace deal.
Trump threatened 25% trade tariffs on automobiles, pharmaceuticals, and semiconductors.
The euro economic calendar is quiet until Friday’s PMI data.