The pound euro (GBP/EUR) exchange rate is rising on Wednesday after losses yesterday.
The pound is rising as UK CPI remains sticky at 3.8% YoY in August, well above the BoE’s 2% target. Service sector inflation also remained elevated at 4.7%, although this was down from 5% in July.
The data support the view that the BoE will leave rates unchanged at 4% in the September meeting tomorrow.
The euro is falling after a downward revision to eurozone inflation to 2% in August from 2.1% in the preliminary reading.
The ECB left rates unchanged in the meeting last week and may not cut again this cycle.
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