The Pound Euro (GBP/EUR) exchange rate is holding steady after strong falls yesterday.
The euro jumped after ECB President Christine Lagarde as good as confirmed that the central bank would hike rates several times across the summer, taking the interest rate out of negative territory.
Today PMI data is expected to show that business activity remained resilient in May despite the back drop.
The Pound fell versus the stronger euro despite hawkish comments from BoE Governor Andrew Bailey who said that the central bank was prepared to hike rates again.
UK PMI data is expected to show a slight slowdown in May.