The Pound Euro (GBP/EUR) exchange rate is heading lower again on Thursday, falling below €1.16.
The Pound fell yesterday despite inflation reaching 9.1% YoY in May up from 9%. This mounts pressure on the BoE to hike rates further. However, with UK growth stalling this means that a recession is almost unavoidable.
Today UK services & manufacturing PMI data is expected to show a slow down in activity growth.
The euro gained yesterday despite consumer confidence plunging to an almost record low at -23.6, from -21.1.
Eurozone composite PMI is expected to fall to 54 from 54.8.
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