The pound to euro exchange rate is 0.42 pct higher than seen at Tuesday night's close; GBP-EUR has hit 1.1800 at 10:07.

Please be aware that the above quotes are wholesale - your bank will affix their own discretionary spread. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering more currency. Please find out more here.

The fortunes for the British pound have taken a decided turn for the better when it was shown that the UK's employment picture has improved. In a further good sign for the UK economy the ONS reported that the earning power of those in employment has also improved.

UK employment was up 24k, unemployment down 5k, claimant count down 8600, youth unemployment down 43k, vacancies up 19k. More details can be found here.

FX Street offer more on the GBP-moving news: "The number of unemployment people in the UK fell by 8.6K in the three months to May, following a 11.8K drop registered in the three months to April, National Statistics reported on Wednesday. This result is more positive than the expected 5K decrease. The Claimant Count Rate was unchanged at 4.5%.

"The ILO Unemployment Rate remained at 7.8% in May, according to market consensus. Average Earnings excluding Bonus rose 0.9% in the three months to May, following a +0.8% reading in the three months to April and above expectations of rising 0.7%. Average Earnings including Bonus increased 1.3%, in comparison with 0.6% growth, above forecasts f +0.3%."

The euro: Today's big event will come from the German constitutional court

Turning to the other player in the GBP/EUR equation - the euro - the big issue of the day rests with judges in Germany.

The two-day hearings at the constitutional court in Karlsruhe will investigate the legality of the Outright Monetary Transactions (OMT), that successful initiative that is credited with arresting the Eurozone crisis a year ago.

Indeed, it is worth noting that no country has yet needed to use it.

The FT's Michael Steen says the German constitutional court in Karlsruhe has been back in session for 40 minutes; decision is due this session.

ECB president Mario Draghi tried to calm fears that the OMT would mean German taxpayers bailing out insolvent Eurozone nations.

"We will not intervene to generally ensure the solvency of a country," he said in a radio interview. "German taxpayers’ risk is today significantly lower than a year ago."

No doubt the decision - and market reaction - will be interesting!