GBP/EUR: Pound Steady vs. Euro As Angela Merkel Steps Down

The pound euro (GBP/EUR) exchange rate is holding steady after 5 days of gains, pushing the pair to a 6-month high.

Eurozone inflation cooled by more than expected to 6.1% YoY, down from 7% in April. Core inflation also cooled to 5.3% from 5.6%.

Despite cooling inflation ECB President Christine Lagarde said that the central bank still has more work to do to tame inflation.

The pound has risen this week despite no clear fresh fundamental drivers. UK mid tier data yesterday highlighted weakness in the UK housing market.

There is no high impacting UK or EZ economic data due today.