The pound euro (GBP/EUR) exchange rate is unchanged on Wednesday.
The pound is steady after UK inflation held at 3.0% in February, with core inflation rising to 3.2% and services inflation remaining elevated at 4.3%.
However, the data had a limited impact as it predates the recent surge in energy prices.
Markets are pricing in around two Bank of England rate hikes this year, though expectations have eased.
The euro is stable against sterling but falling against the dollar after a sharp decline in German economic sentiment.
Germany’s Ifo survey showed weakening confidence, with expectations falling by the most since Russia invaded Ukraine, highlighting growing economic uncertainty.
Oil prices falling to $95 per barrel offer some support.
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