Euro Pares Gains Against Pound After UK CPI Hits 2.9%
The EUR/GBP cross pulled back to around 0.8555 in early European trading after stronger UK inflation data supported the British pound.
EURGBP
Sterling firmed against the euro in early European trading on Wednesday after UK CPI inflation came in at 2.9%. The data helped the pound attract buyers, trimming the euro's earlier advance.
The EUR/GBP cross was trading near 0.8555 as the pair pared gains. The move reflected renewed demand for GBP following the inflation release.
Traders were watching the cross as the stronger UK price data shifted short-term momentum in favor of the pound.
Source: FXStreet Forex News