Despite high UK unemployment figures which temporarily offset the Pound earlier this morning, this has been return-served by a small flurry of sterling support, extending further on yesterday's gains.
Alongside this, the Euro has looked to be under bearish pressure as of late as a result of negative market sentiment around the recent ECB rate cut announcement, with rumours more cuts may look to follow depending on the decision of other Central banks.
As a result, we now see GBP/EUR reaching towards the high 1.18s, building on its highest levels since August 2022. This all comes before the US inflation figures & the Fed Interest rate decision tomorrow, which of course depending on outcome could lead to flows in/out of the Dollar indirectly affecting sterling even further.
