gbp-british-pound-coin - GBP

The pound euro (GBP/EUR) exchange rate is rising, snapping a two-day losing run.

The pound is looking to the BoE rate decision, where the central bank is expected to hike rates by 25 bps to take the interest rate to 4.25%.

This will mark the 11th straight rate hike and comes after inflation unexpectedly jumped to 10.4%.

The euro rose yesterday, helped higher by a weaker USD and despite hawkish comments from ECB President Christine Lagarde. Lagarde considers that more rate hikes are necessary to rein in inflation.

Eurozone consumer confidence data is due today and is expected to improve to -18.3 in March, up from -19.