The GBP EUR exchange rate is around €1.1960, reflecting a drop of approximately 0.3% from Wednesday’s opening rate. The Pound GBP began Wednesday on a weak note against most of its counterparts, following the release of the latest consumer price index CPI.

The CPI report indicated a cooling off in both headline and core inflation, creating further pressure on the Pound. Investors are now recalibrating their expectations for the UK economy in light of this inflation data, which could have lingering effects on the currency pair movement.