The pound euro (GBP/EUR) fell on Friday and fell 0.5% across the week. This marked the first weekly decline after six weeks of gains.
The pound fell after dovish comments from BoE policymaker Alan Taylor who called for lower interest rates. He said that the recent increase in inflation to 3.5% YoY was owing to one-off price increases.
The EUR rose on Friday as German inflation was stronger than expected in April at 2.1% YoY, although this was still down from 2.2%.
The data hotter inflation data is unlikely to deter the ECB from cutting rates by 25 basis points next week.