The Pound Euro (GBP/EUR) exchange rate is moving mildly lower after a flat finish yesterday.
The Pound advanced on Monday, capitalizing on the weaker Euro in a quiet day for the UK economic calendar. More balanced comments from BoE Governor were shrugged off by Pound traders.
Today PMI data will be driving the pair. UK business activity as measured by the Composite PMI is expected to slow very slightly to 57.5 in November down from 57.8 in October.
The Eurozone Composite PMI is also expected to book a slight deceleration in growth to 53.2 down from 54.3. The level 50 separates expansion from contraction.
The Euro has traded under pressure as COVID cases in the region surge and tighter restrictions are being imposed.