The pound euro (GBP/EUR) exchange rate is falling, after yesterday’s gains.
The pound fell after UK inflation cooled more than expected to 3.2% YoY in November, from 3.6%, while core inflation eased to 3.2%.
The data reinforced expectations of a 25 basis point rate cut this week and further easing in 2026. Gilt yields fell, pressuring sterling.
The euro rose against the pound but slipped against the dollar as eurozone inflation remained subdued at 2.1% YoY in November, down from the preliminary reading of 2.2%.
The data support expectations that the ECB will keep rates unchanged.
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