Eurozone inflation figures came in his morning slightly lower than expected which has helped Sterling pick up against the Euro. Later this morning UK inflation figures are due which is likely to impact upon GBPEUR exchange rates.
UK inflation is expected to come out at 1.4% so anything higher could see Sterling strength as it puts a bit more pressure on the Bank of England to look at raising interest rates sooner than maybe expected. The target is for 2% and if the data starts to get near the figure then we would expect to see Sterling gaining.
EU industrial production figures are due for release at 10am and with the Eurozone experiencing big problems with growth and having had interest rates cut recently if the data is weak then expect to see Sterling rise against the single currency.
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