Ryan Morrison
on February 5th, 2026 January’s inflation reading of 1.7% puts the eurozone firmly back on the ECB’s home turf. Core prices fell to their lowest since late 2021. While services inflation remains sticky at 3.2%, the broader trend gives Christine Lagarde room to breathe. Markets see virtually no prospect of a move tomorrow and are pencilling in unchanged rates for much of 2026.
GBP/EUR: the past year
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