The pound euro (GBP/EUR) exchange rate is unchanged after rising modestly in the previous session.
The pound was steady on Monday as markets turned cautious ahead of UK inflation data.
CPI is expected to ease to 3.6% in October from 3.8%, reinforcing the view that inflation has peaked.
This would support the view that the BoE could cut rates in December. Divisions persist within the BoE over how quickly inflation will return to the 2% target.
The euro is also flat as investors await eurozone inflation data tomorrow which is expected to confirm CPI at 2.1%.
This would support the view the ECB’s rate-hiking cycle is over, with growth now in focus.