The pound-euro (GBP/EUR) exchange rate has been rising for a second straight day, reaching above €1.20.
The pound rose after CPI rose by more than expected to 2.3% YoY in October, up from 1.7%. Service sector inflation was also hotter than expected at 5%.
The market remained in BoE rate cut expectations to just 60 basis points by the end of next year.
The euro fell despite eurozone negotiated wage growth accelerating in Q3 by 5.4%, up from 3.5%. ECB policymakers had previously highlighted wage growth as a motive for not cutting rates as aggressively.
The euro fell yesterday amid rising geopolitical concerns as Russian President Putin lowered the threshold for a nuclear war.
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