The pound euro (GBP/EUR) exchange rate has risen above €1.21 to a 2024 high.
The pound is rising after Kantar’s data showed grocery inflation rose to 2.6% in the 4 weeks to Dec 1, up from 2.3%.
The pound is supported by bets the BoE will cut rates at a slower pace than the ECB following Labour’s Budget, which is considered inflationary.
The euro is falling despite German inflation rising to 2.2% Yo in November, up from 2% in October.
The ECB is still expected to cut interest rates by 25 basis points on Thursday, with some market participants expecting a 50-basis-point cut.
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