The pound euro (GBP/EUR) exchange rate is rising after two days of losses.
The pound is rising after the BoE left rates unchanged at 4.25% in a vote split that was more dovish than expected, raising expectations of a rate cut in the August meeting.
The BoE noted that there was a two-sided risk to inflation, likely referring to worries about rising oil prices due to the Middle East conflict.
The euro is falling as the BoE – ECB divergence widens. While the BoE leaves rates unchanged, the ECB cut rates in June.
The market expects the ECB to cut rates once more before the end of the year.
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