The pound euro (GBP/EUR) exchange rate is falling after four days of gains.
The pound is falling despite hawkish comments from BoE chief economist Huw Pill. Pill warned that interest rates are being cut too quickly and cited strong wage growth as a reason to be more cautious.
Pill voted to leave rates unchanged at the May BoE meeting, but the majority voted to cut rates.
The euro is rising even as German wholesale inflation fell, supporting further rate cuts from the ECB.
German PPI fell by -0.9% YoY in April, down from -0.2% in March.
The ECB are expected to cut rates again in June.
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