The value of Sterling has crept back up against the euro. The currency was trading at £1 equal to €1.19 at mid-month, after the slide to €1.16 last month.
The rate dropped back to £1 equal to €1.18 on the back of the higher inflation data.
It promptly popped back up to €1.19.
Once again interest rate movements in different jurisdictions - dictated by central bank policy responses to inflationary pressures - are the major factor in the currency values at the moment.
However other global factors do play into the currency volatility. It is all very dynamic out there at the moment.
